Standard Bank Authorisation and Africa-China Trade Integration
Standard Bank Group has become the first African lender to achieve direct participation in China's Cross-border Interbank Payment System (CIPS), facilitating a surge in yuan-denominated trade settlements across multiple African nations and reducing reliance on the US dollar.
Aggregated from 12 sources · Updated 24 Aug 2026, 03:01 UTC (UTC)
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12 sourcesFacts (10)
- Established
Standard Bank Group Ltd. became the first African bank to be authorised to clear yuan transactions directly through China's Cross-Border Interbank Payment System (CIPS).
- Established
Standard Bank processed over 8 billion yuan (approximately $1.2 billion USD) in transactions during its first year of direct access to the CIPS network.
- Established
As of May 1, 2026, China removed all tariffs on imports from 53 African nations to encourage trade and yuan adoption.
- Established
China-Africa trade volume reached approximately $340 billion to $348 billion in 2025.
- Established
Standard Bank's CIPS services are currently active in South Africa, Angola, Ghana, Kenya, Lesotho, and Tanzania.
- Established
Standard Bank processed $500 million in yuan trades in the first four months of its direct CIPS participation.
- Established
Standard Bank plans to expand CIPS access to additional African countries by the end of 2026.
- EmergingNiche Signal
The People’s Bank of China jointly authorised Standard Bank and the Industrial and Commercial Bank of China Ltd. to operate as the Renminbi Clearing Bank of Africa.
- EmergingNiche Signal
Stanbic Bank Uganda integrated CIPS in August 2026, becoming the first financial institution in Uganda to connect to the system.
- AttributionNiche Signal
Ecobank is in negotiations with the Bank of China to launch direct local currency-to-yuan settlement services by the end of 2026.