Stanbic Bank Ghana has become the first bank in Ghana to provide customers with direct access to the China Cross-Border Interbank Payment System (CIPS) after receiving approval from the Bank of Ghana.
The milestone is expected to transform cross-border payments by making financial transactions between Ghana and China faster, more secure, and cost-effective.
The new service places Stanbic Bank at the forefront of digital banking innovation in Africa as part of the Standard Bank Group’s expansion of the CIPS platform. Ghana is one of six African countries selected for the rollout, highlighting its growing importance in trade and investment with China.
What is the China Cross-Border Interbank Payment System (CIPS)?
CIPS is a payment infrastructure authorized by the People’s Bank of China to facilitate the clearing and settlement of international transactions in Chinese Yuan (Renminbi – RMB). The platform offers a reliable alternative to traditional international payment systems by enabling secure, efficient, and real-time RMB transactions.
With CIPS now available in Ghana, individuals can make tuition fee payments, medical payments, remittances, and other international transfers directly in Chinese Yuan from their Ghana cedi accounts through Stanbic Bank. Businesses importing goods from China can also settle payments more efficiently without relying on multiple intermediary banks.
Faster Cross-Border Payments for Ghana Businesses
Stanbic Bank says the introduction of CIPS will significantly improve international trade by reducing delays, lowering transaction costs, and simplifying payments to Chinese suppliers.
Chief Executive Officer of Stanbic Bank Ghana, Kwamina Asomaning, described the launch as a major milestone in strengthening the economic relationship between Ghana and China.
According to him, the bank remains committed to supporting Ghana’s economic growth by providing modern financial solutions that make international business easier.
He noted that China remains one of Ghana’s largest trading partners, making reliable cross-border payment solutions essential for importers, exporters, and businesses operating between the two countries.
New Solution Eliminates Common Trade Challenges
The bank explained that many Ghanaian businesses trading with China have previously faced several obstacles, including:
- Foreign exchange liquidity challenges.
- Delays caused by multiple intermediary banks.
- Higher transaction costs.
- Risks associated with carrying physical cash for business settlements.
The launch of CIPS provides a direct bank-to-bank settlement system in Chinese Yuan, allowing customers to continue using their existing Stanbic Bank accounts, relationship managers, branches, and digital banking platforms while enjoying faster international payments.
Customers Benefit from Faster RMB Transactions
Kwamina Asomaning stated that many clients had consistently requested quicker and more dependable payment options for transactions with Chinese suppliers.
He explained that CIPS meets this demand by offering a direct payment channel for RMB transactions without requiring customers to change their existing banking arrangements.
Standard Bank Group Expands African Financial Connectivity
The rollout follows Standard Bank Group’s achievement in November 2025, when it became the first African banking group authorized to participate directly in CIPS.
In June 2026, Standard Bank Group and the Industrial and Commercial Bank of China (ICBC) received authorization from the People’s Bank of China to operate as the Renminbi Clearing Bank of Africa, enabling Chinese Yuan clearing services across 19 African countries.
As a subsidiary of Standard Bank Group, Stanbic Bank Ghana says the introduction of CIPS demonstrates its commitment to supporting international trade, digital banking, business finance, foreign exchange services, and cross-border payment solutions as commercial ties between Ghana and China continue to grow.
Source: newsthemegh.com