Stanbic Bank Ghana has become the first bank in the country to offer customers direct access to the China Cross-Border Interbank Payment System (CIPS), 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 also 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.
CIPS is a wholesale payment system authorised by the People’s Bank of China for clearing and settling cross-border transactions in Chinese Yuan (RMB). 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.
Ghana is among six African markets selected for the rollout after Standard Bank Group, through Standard Bank South Africa as its clearing hub, launched its CIPS capability in November 2025.
With the service now operational in Ghana, individuals making remittances, tuition and medical payments, among other eligible transactions, 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.
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. Through Standard Bank Group’s strategic relationship with the Industrial and Commercial Bank of China (ICBC), we continue to unlock international opportunities for our clients while reinforcing Stanbic Bank’s position as the partner of choice for businesses engaged in global trade,” 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.
It said the introduction of CIPS provides a direct bank-to-bank settlement route in Chinese Yuan, helping to eliminate 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.
“Our clients have consistently asked for simpler, faster and more reliable ways to pay their 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. It is another example of our commitment to delivering innovative solutions that help our clients grow their businesses across borders,” he said.
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.
