BTA Admin The move gives Ghanaian businesses and individuals direct access to China’s cross-border yuan payment system, reducing reliance on intermediary banks and strengthening trade links with one of Ghana’s largest trading partners.
Stanbic Bank Ghana has become the first bank in the country to offer direct settlement of transactions in Chinese yuan through the China Cross-Border Interbank Payment System (CIPS), following regulatory approval from the Bank of Ghana.
The launch gives businesses and individuals a direct bank-to-bank payment channel for yuan-denominated transactions with China, reducing reliance on intermediary correspondent banks and streamlining payments for imports, remittances, tuition and medical expenses.
The rollout forms part of Standard Bank Group’s expansion of CIPS across Africa after the group became the first African banking group to be licensed as a direct participant in the Chinese payment network. Ghana is one of six African markets selected for the initial deployment.
CIPS, which is authorised by the People’s Bank of China, is a wholesale payment and settlement system for cross-border transactions in renminbi (RMB). It is increasingly being used as an alternative settlement channel for international yuan transactions, particularly in markets with growing trade ties to China.
For Ghanaian companies importing machinery, industrial inputs, electronics and consumer goods from China, the new service is expected to improve payment speed, reduce transaction costs and ease foreign exchange settlement challenges.
“This is a landmark moment for Stanbic Bank Ghana and for the Ghana–China trade relationship,” Chief Executive Kwamina Asomaning said in a statement. “China is one of Ghana’s most important trading partners, and we are committed to providing the financial infrastructure that enables businesses to trade with greater confidence and ease.”
Businesses trading with China have traditionally faced foreign exchange liquidity constraints, multiple intermediary banks and longer settlement times when making yuan payments. Stanbic said the new CIPS service provides a more direct settlement route while allowing customers to continue transacting through their existing accounts, branches and digital banking channels.
The development follows Standard Bank Group’s authorisation as a direct CIPS participant in November 2025. In June 2026, the group and the Industrial and Commercial Bank of China (ICBC) were jointly designated by the People’s Bank of China as the Renminbi Clearing Bank of Africa, enabling RMB clearing across 19 African countries.
The launch comes as China continues to deepen economic engagement across Africa through trade, infrastructure investment and financial cooperation. Expanding yuan settlement infrastructure is increasingly seen as a way to reduce dependence on third-country currencies in cross-border transactions.
Stanbic Bank’s CIPS rollout gives Ghana direct access to China’s official cross-border yuan payment system for the first time, strengthening trade settlement infrastructure and positioning the bank at the centre of the growing financial relationship between Ghana and China.
