Standard Bank has recorded more than $1 billion in transactions through China’s Cross-Border Interbank Payment System (CIPS) within its first year of operation, highlighting the deepening trade and financial links between Africa and China.
The lender, Africa’s largest bank by assets, received approval to offer direct transactions through CIPS in June 2025.
Since launching the service, Standard Bank has expanded CIPS access beyond South Africa to Angola, Ghana, Kenya, Lesotho and Tanzania.
The expansion is aimed at providing businesses across major African trade corridors with faster and more efficient renminbi (RMB) settlement when conducting transactions with China.
Standard Bank’s Head of Payments for Corporate and Investment Banking, Ontiretse Modise, said the rapid growth in transactions demonstrated the increasing importance of the payment system to Africa-China trade.
“The payment system’s rapid scale is clear,” Modise said, describing CIPS as a critical enabler of Africa’s growing connectivity to global markets.
China remains Africa’s largest trading partner, with bilateral trade reaching a record $295 billion in 2024.
Chinese imports from Africa stood at $178 billion, while African imports from China totalled $117 billion during the year.
Trade momentum continued into 2025, with Chinese data showing bilateral trade increased by 12.4 per cent in the first five months of the year to approximately $134 billion.
CIPS allows banks and financial institutions to clear and settle cross-border payments directly in RMB, reducing reliance on intermediary currencies and simplifying transactions between African businesses and their Chinese counterparts.
The growing financial relationship reflects China’s demand for African commodities, alongside its exports of machinery, technology and manufactured goods to the continent.
Standard Bank’s latest Africa Trade Barometer also indicates that African businesses are increasingly looking towards Asia for trade opportunities.
The report found that 35 per cent of respondents identified Asian countries as their preferred trading partners, up from 24 per cent in 2024.
China remained the leading source of imports for 67 per cent of businesses surveyed, with respondents citing competitive pricing, product variety and reliable supply chains among the key factors driving the preference.
The increasing use of CIPS could further facilitate trade between African businesses and Chinese counterparts by making RMB-denominated transactions more accessible and reducing some of the costs and complexities associated with cross-border payments.
