Stanbic Bank Ghana has launched a new direct Chinese Yuan payment service designed to make cross-border transactions between Ghanaian customers and Chinese businesses faster, easier and more efficient.
The initiative gives Stanbic Bank Ghana direct access to China’s Cross-Border Interbank Payment System (CIPS), allowing eligible customers to settle trade and other international payments directly in Chinese Yuan (CNY), also known as Renminbi (RMB).
According to the bank, the new payment channel will help reduce transaction delays, foreign exchange challenges and dependence on intermediary banks when making payments to China.
Mr Kwamina Asomaning, Chief Executive Officer of Stanbic Bank Ghana, described the development as an important step towards improving the financial infrastructure supporting Ghana-China trade and international business transactions.
He noted that China remains one of Ghana’s key trading partners, making reliable and efficient payment systems essential for businesses importing goods and services from the Asian country.
Stanbic Bank Ghana Becomes First Bank With Direct CIPS Access
Stanbic Bank Ghana has become the first bank in Ghana to secure direct access to CIPS following approval from the Bank of Ghana.
CIPS is a wholesale payment infrastructure authorised by the People’s Bank of China to facilitate the clearing and settlement of cross-border transactions conducted in Renminbi.
The new service is expected to benefit Ghanaian importers purchasing goods from China, as well as customers making eligible tuition fee payments, medical payments, remittances and other cross-border transactions in Chinese Yuan.
Faster and More Efficient Payments to China
Stanbic Bank Ghana said businesses involved in Ghana-China trade have often faced challenges such as foreign exchange liquidity constraints, multiple intermediary banks and delays associated with traditional international payment channels.
Mr Asomaning said customers had increasingly demanded simpler, faster and more reliable ways to pay Chinese suppliers.
The direct CIPS channel provides an alternative for RMB payments while allowing customers to maintain their existing banking arrangements.
Expansion of CIPS Across Africa
Standard Bank Group introduced its CIPS capability through Standard Bank South Africa in November 2025 and is gradually expanding the service to other African markets.
Ghana is among six African countries selected for the rollout, positioning Stanbic Bank Ghana to play a significant role in facilitating Ghana-China business transactions and international trade payments.
Customers interested in using the service can access it through their relationship managers, Stanbic Bank branches and digital banking platforms.
Source: newsthemegh.com