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Standard Bank processes over RMB8bn in payments through CIPS
27 July 2026 South Africa, Ghana, China
Image: Stefanie/stock.adobe.com
Standard Bank, a bank in Africa with authorisation to process transactions through China’s Cross-Border Interbank Payment System (CIPS), has facilitated over RMB8 billion (US$1.2 billion) in transactions.
CIPS enables interbank payments between Africa and China using the Chinese Renminbi as the settlement currency.
Available across Standard Bank’s platforms, the system allows banks and financial institutions to clear and settle cross-border payments directly in RMB, reducing reliance on intermediary currencies and streamlining transaction processes.
Since launching the service, Standard Bank has expanded CIPS access beyond South Africa to Angola, Ghana, Kenya, Lesotho, and Tanzania, extending the benefits of faster RMB settlement to clients across key African trade corridors.
Cross-border trade preferences among businesses in the 10 African markets surveyed have shifted notably, according to the latest edition of the Standard Bank Africa Trade Barometer,
Relatedly, respondents cited broadening supplier networks, expanding export destinations and strengthening intra-African trade links as additional boons for increasing their activities.
Ontiretse Modise, head of payments for corporate and investment banking at Standard Bank, notes: “Surpassing RMB8 billion in transaction flows within the first year reflects strong demand for seamless trade with the world’s second-largest economy.
Modise continues: “Standard Bank is focused on expanding CIPS access across Africa, unlocking more efficient cross-border transactions and deepening trade corridors for our clients. As part of this commitment, we plan to extend CIPS access to more African countries by the end of 2026, further strengthening Africa-China trade connectivity.”
“As the payments landscape rapidly evolves, we are actively shaping its next phase. We see CIPS as a critical enabler of this transformation, strengthening Africa’s connectivity to global markets.”
CIPS enables interbank payments between Africa and China using the Chinese Renminbi as the settlement currency.
Available across Standard Bank’s platforms, the system allows banks and financial institutions to clear and settle cross-border payments directly in RMB, reducing reliance on intermediary currencies and streamlining transaction processes.
Since launching the service, Standard Bank has expanded CIPS access beyond South Africa to Angola, Ghana, Kenya, Lesotho, and Tanzania, extending the benefits of faster RMB settlement to clients across key African trade corridors.
Cross-border trade preferences among businesses in the 10 African markets surveyed have shifted notably, according to the latest edition of the Standard Bank Africa Trade Barometer,
Relatedly, respondents cited broadening supplier networks, expanding export destinations and strengthening intra-African trade links as additional boons for increasing their activities.
Ontiretse Modise, head of payments for corporate and investment banking at Standard Bank, notes: “Surpassing RMB8 billion in transaction flows within the first year reflects strong demand for seamless trade with the world’s second-largest economy.
Modise continues: “Standard Bank is focused on expanding CIPS access across Africa, unlocking more efficient cross-border transactions and deepening trade corridors for our clients. As part of this commitment, we plan to extend CIPS access to more African countries by the end of 2026, further strengthening Africa-China trade connectivity.”
“As the payments landscape rapidly evolves, we are actively shaping its next phase. We see CIPS as a critical enabler of this transformation, strengthening Africa’s connectivity to global markets.”
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