Stanbic Bank First in Ghana to Offer CIPS Yuan Settlement
Stanbic Bank Ghana has become the first financial institution 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.
This move gives businesses and individuals in Ghana direct access to China’s cross-border yuan payment system. It reduces reliance on intermediary banks and strengthens trade links with one of Ghana’s largest trading partners. The rollout forms part of Standard Bank Group’s expansion of CIPS across Africa. 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.
Related: New Tool Fights Revenge Porn Online
CIPS is a wholesale payment and settlement system for cross-border transactions in renminbi (RMB). It is authorised by the People’s Bank of China. 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.
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.
Chief Executive Kwamina Asomaning said in a statement that this is a landmark moment for the bank and for the Ghana–China trade relationship. He emphasized that China is one of Ghana’s most important trading partners. The bank is committed to providing the financial infrastructure that enables businesses to trade with greater confidence and ease.
Related: GoldBod CEO urges African Diaspora to invest long-term
The development follows Standard Bank Group’s authorisation as a direct CIPS participant in November 2025.
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. This strengthens trade settlement infrastructure and positions the bank at the centre of the growing financial relationship between the two nations.
