Standard Bank hits CNY8 bn

by TINTSWALO BALOYI
JOHANNESBURG, (CAJ News) – STANDARD Bank has processed more than CNY8 billion (US$1.2 billion) in transactions through China’s Cross-Border Interbank Payment System (CIPS), highlighting growing trade ties between Africa and the world’s second-largest economy.

The milestone comes just over a year after the bank became the first financial institution in Africa authorised to process transactions directly through CIPS, following approval granted in June 2025 at the Lujiazui Forum in Shanghai.

CIPS enables banks and financial institutions to settle cross-border payments directly in Chinese renminbi (RMB), reducing reliance on intermediary currencies and improving the speed and efficiency of transactions between Africa and China.

Since launching the service, Standard Bank has expanded CIPS beyond South Africa to Angola, Ghana, Kenya, Lesotho and Tanzania, broadening access to direct RMB settlement across key African trade corridors.

Ontiretse Modise, Head of Payments for Corporate and Investment Banking at Standard Bank, said the rapid growth in transaction volumes demonstrated strong demand for seamless trade with China.

“Surpassing CNY8 billion in transaction flows within the first year reflects strong demand for seamless trade with the world’s second-largest economy,” Modise said.

He said the bank planned to extend CIPS access to additional African countries before the end of 2026 as part of efforts to strengthen trade connectivity across the continent.

The announcement coincides with findings from the latest Standard Bank Africa Trade Barometer, which indicates a significant shift in trading preferences among African businesses.

Asian countries are now the preferred trading partners for an average of 35% of businesses surveyed across ten African markets, up from 24% in 2024.

China remains Africa’s leading source of imported inputs, with 67% of respondents citing the country as their preferred supplier.

Competitive pricing, product variety and reliable supply chains were identified as the main reasons for this preference.

Standard Bank believes the growing adoption of CIPS will further support trade by simplifying cross-border settlements and lowering transaction costs.

Modise said the payments landscape was evolving rapidly, with CIPS expected to play a pivotal role in strengthening Africa’s integration into global markets while accelerating trade flows and supporting long-term economic growth across the continent.

– CAJ News