Stanbic Bank becomes first bank in Ghana to offer direct Chinese Yuan

Stanbic Bank Ghana has become the first bank in the country to offer clients direct access to the China Cross-Border Interbank Payment System, following approval from the Bank of Ghana in a move expected to simplify and accelerate trade and financial transactions between Ghana and China.

The development positions Stanbic Bank at the forefront of Standard Bank Group’s continental rollout of the payment platform after the Group became the first African banking group to be licensed as a direct participant in CIPS. Ghana is among six African markets selected for the rollout, reflecting the country’s growing strategic importance in trade with China.

CIPS is a wholesale payment system authorised by the People’s Bank of China for clearing and settling cross-border transactions in Chinese Yuan. The platform provides a secure, efficient and cost-effective alternative to the SWIFT network for RMB-denominated payments, enabling financial institutions to process both real-time and batch settlements.

With the service now operational in Ghana, individuals making remittances, tuition and medical payments, as well as businesses trading with China, can settle Chinese Yuan payments directly from their Ghana cedi accounts through Stanbic Bank, alongside existing payment channels.

In a press release commenting on the introduction of CIPS, Chief Executive of Stanbic Bank Ghana, Kwamina Asomaning, described the launch as a significant milestone for both the bank and Ghana’s trade relationship with China.

“Guided by our purpose, ‘Ghana is our home, we drive her growth,’ we continue to build new bridges of opportunity for Ghana and our continent. This is a landmark moment for Stanbic Bank Ghana and for the Ghana–China trade relationship,” he said.

He added that the new service would make cross-border trade “simpler, faster and more efficient” for customers. “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,” Mr. Asomaning stated.

According to the bank, businesses trading with China have traditionally encountered challenges such as foreign exchange liquidity constraints, multiple intermediary banks and, in some cases, the risks associated with carrying physical cash to settle transactions. The introduction of CIPS provides a direct bank-to-bank settlement route in Chinese Yuan, helping to address these challenges while allowing customers to continue banking through their existing Stanbic Bank relationship managers, branches and digital channels.

Mr. Asomaning noted that clients had consistently requested faster and more reliable payment solutions for transactions with Chinese suppliers. “CIPS delivers exactly that. It provides a direct and efficient alternative for RMB payments without requiring clients to change how they bank with us,” he said.

The rollout follows Standard Bank Group’s landmark achievement in November 2025 when it became the first African bank authorised to participate in CIPS. In June 2026, the Group and ICBC were jointly authorised by the People’s Bank of China to operate as the “Renminbi Clearing Bank of Africa,” enabling RMB clearance across 19 African countries.

Stanbic Bank Ghana, a subsidiary of Standard Bank Group, said the rollout reinforces its commitment to supporting international trade by providing businesses and individuals with more efficient cross-border payment solutions as commercial ties between Ghana and China continue to expand.