Standard Bank Becomes First African Bank with Access to China’s CIPS

n a historic milestone for the continent, Standard Bank Corporate and Investment Banking has become the first African bank authorised to process transactions through China’s Cross-Border Interbank Payment System (CIPS) .

Access to CIPS will allow Standard Bank to settle interbank payments between Africa and China directly in Chinese renminbi (RMB). This eliminates the need for intermediary currencies and correspondent banking, enabling faster and more cost-effective cross-border flows .

Anne Aliker, Group Head of Client Coverage at Standard Bank Corporate Investment Banking, emphasised that this development reflects the bank’s dedication to delivering innovative financial solutions that drive Africa’s economic growth . She noted that CIPS is expected to expedite Africa–China trade, help fund infrastructure development, enhance regional integration, and promote efficient capital deployment .

Standard Bank’s Africa Trade Barometer 2024 revealed that 34 percent of African businesses now import from China, up from 23 percent in 2023—highlighting the deepening economic ties requiring improved financial infrastructure.

The simplified, direct settlement process is projected to reduce transaction costs and settlement times. According to China’s National Technological University report, CIPS can clear payments in seconds, compared to the typical three- to five-day timeframe via SWIFT..

CIPS-enabled transactions will be available on Standard Bank’s platforms starting September 2025.

This development holds significant implications for Africa–China trade, which hit US$296 billion in 2024—anchored by Chinese exports worth US$179 billion . With Africa’s status as China’s leading export destination for over a decade, broader access to CIPS is expected to further amplify trade flows and financial integration across the continent .

Overall, Standard Bank’s inclusion in CIPS marks a strategic breakthrough for Africa’s financial connectivity with China. By championing direct RMB settlement, the bank is enabling a new era of efficiency in bilateral trade, payments, and investment.

West Arekahme