Ghana’s financial sector has recorded a major breakthrough after Stanbic Bank Ghana became the first bank in the country to provide direct access to the China Cross Border Interbank Payment System (CIPS), opening a faster and more efficient payment route for businesses and individuals making transactions in Chinese Yuan.
The milestone follows approval from the Bank of Ghana and places Stanbic Bank at the forefront of transforming Ghana’s international payment landscape. It also reinforces the bank’s position as a leader in innovation by giving clients a direct settlement option for Yuan denominated transactions without relying solely on traditional international payment channels.
The development comes at a time when trade between Ghana and China continues to expand, with growing demand for quicker, more secure and cost effective payment solutions.
A New Era For Ghana China Trade
China remains one of Ghana’s most important trading partners, supplying machinery, electronics, construction materials, industrial equipment and consumer goods to the Ghanaian market. Until now, many businesses importing goods from China have had to navigate lengthy payment processes involving intermediary banks, foreign exchange liquidity constraints and higher transaction costs.
The introduction of CIPS changes that landscape by allowing eligible Chinese Yuan transactions to be settled directly from Ghana Cedi accounts through Stanbic Bank.
This means importers, exporters and other businesses can complete payments more efficiently while reducing delays often associated with multiple correspondent banking arrangements.
Beyond business transactions, the new service also benefits individuals making tuition payments, medical payments, remittances and other qualifying transfers to China.
What Is CIPS?
The China Cross Border Interbank Payment System is a wholesale payment network authorised by the People’s Bank of China to clear and settle cross border transactions in Chinese Yuan.
The system serves as a secure and efficient alternative for RMB denominated payments and connects financial institutions around the world through real time and batch settlement capabilities.
Standard Bank Group launched its CIPS capability in November 2025 through Standard Bank South Africa, which serves as the Group’s clearing hub. Ghana is now among only six African countries selected for the continental rollout, highlighting the country’s growing strategic importance in Africa’s commercial relationship with China.
Stanbic Leads The Way
The latest achievement further strengthens Stanbic Bank Ghana’s reputation as one of the country’s most innovative financial institutions.
Commenting on the launch, Chief Executive of Stanbic Bank Ghana, Kwamina Asomaning, described the development as a significant milestone for both the bank and Ghana’s trade ambitions.
“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. As the first bank in Ghana to offer direct access to CIPS, we are doing more than introducing a new payment capability; we are making cross border trade simpler, faster and more efficient for our clients.”
Kwamina Asomaning
Mr Kwamina Asomaning noted that China is one of Ghana’s most important trading partners, and the bank is 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.”
Kwamina Asomaning
Businesses Stand To Benefit
For many Ghanaian businesses importing products from China, payment challenges have often affected supply chains and increased operational costs.
Companies have traditionally dealt with foreign exchange shortages, multiple intermediary financial institutions and, in some instances, the risks associated with carrying physical cash to complete transactions.
The new CIPS platform offers a direct bank to bank settlement route in Chinese Yuan, significantly improving payment efficiency while maintaining existing banking relationships with Stanbic Bank.
Clients can continue accessing the service through their relationship managers, Stanbic branches and the bank’s digital banking channels, making adoption both convenient and seamless.
This innovation is expected to improve business confidence, reduce settlement times and strengthen commercial relationships between Ghanaian importers and Chinese suppliers.
Faster Payments, Greater Confidence
According to Mr Asomaning, customer demand played a key role in introducing the new payment capability.
“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.”
Kwamina Asomaning
His remarks underscore the growing need for financial institutions to develop payment solutions that respond directly to evolving customer demands in an increasingly global economy.
A Strategic Boost For Ghana’s Economy
The launch of direct Yuan settlement through Stanbic Bank could have implications beyond individual businesses.
As Ghana continues to strengthen economic ties with China through trade, infrastructure development and investment, easier access to Yuan settlements may encourage more companies to expand their commercial activities while reducing transaction costs and operational risks.
The initiative also supports Ghana’s ambition to become a competitive trade and investment destination by improving access to international financial infrastructure.
Being among the first six African markets selected for Standard Bank Group’s CIPS rollout reflects increasing confidence in Ghana’s role as a strategic gateway for regional commerce.
For exporters, importers, students and families sending payments to China, the service represents a practical solution that promises greater speed, reliability and convenience.
With this pioneering move, Stanbic Bank has not only introduced a new payment option but has also positioned itself as a key driver of cross border financial innovation in Ghana, setting a new benchmark for the country’s banking industry.
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