GCB Bank PLC has made a major breakthrough in Ghana’s banking industry after partnering with UnionPay International to introduce the country’s first Renminbi (RMB) debit and prepaid cards, opening a new payment channel for businesses and travellers dealing with China.
The initiative is expected to ease cross-border transactions by allowing Ghanaian customers to make payments directly in the Chinese currency without relying on intermediate currency conversions. The development comes at a time when trade between Ghana and China continues to expand, creating growing demand for more convenient and cost-effective ways to pay for goods and services.
The agreement was formalised at UnionPay International’s headquarters in Shanghai, China, in the presence of representatives of the Bank of Ghana, highlighting the importance of the partnership to the country’s financial services sector.
According to the two institutions, the arrangement marks UnionPay’s first RMB payment card designed to use the Chinese currency directly for clearing and settlement.
The development could prove particularly significant for Ghanaian importers, traders and entrepreneurs who regularly travel to China to purchase merchandise, machinery, equipment and raw materials for their businesses.
GCB Bank Opens a New Chapter in Ghana-China Payments
The introduction of the cards marks a significant development in the relationship between Ghana’s banking industry and one of the country’s most important international trading partners.
China remains Ghana’s largest trading partner, supplying a wide range of products that support businesses across retail, manufacturing, construction and other sectors.
Bilateral trade between the two countries reached US$14.1 billion in 2025, representing a 19.3 per cent increase over the previous year.
This growth has increased the importance of reliable payment channels that allow businesses to conduct transactions efficiently while managing the costs associated with international trade.
Traditionally, payments involving different currencies can require conversion through an intermediary currency, potentially exposing customers to additional charges and exchange rate fluctuations.
The new RMB cards are designed to reduce the need for such intermediate conversions by enabling direct payments in Chinese yuan.
Although the cards will not eliminate every cost associated with international transactions, they offer Ghanaian customers an additional option when managing expenses in China.
The partnership also strengthens GCB Bank’s efforts to provide financial services that respond to the changing needs of Ghanaian businesses operating beyond the domestic market.
Farihan Alhassan Highlights Relief for Ghanaian Businesses
Managing Director of GCB Bank PLC, Farihan Alhassan, said the partnership would address payment challenges experienced by Ghanaian businesses trading with China.
“For Ghanaian businesses trading with China, making payments should be a straightforward part of doing business. Our partnership with UnionPay International will enable customers to pay directly in RMB, reducing the need for intermediate currency conversions and making it easier to manage payments during procurement and business trips.
“This reflects GCB’s commitment to supporting the ambitions of Ghanaian businesses, connecting them to global opportunities and strengthening trade ties between Ghana and China.”
Farihan Alhassan
The statement underscores the bank’s focus on helping businesses manage the financial demands of international procurement and commercial travel.
Importers travelling to China frequently incur expenses beyond the purchase price of their goods. Accommodation, transport, meals and other business-related costs can add to the financial burden of each trip.
Having a payment card that supports transactions directly in RMB could make it easier to manage these expenses, particularly when customers are dealing with suppliers and service providers who price their products and services in Chinese yuan.
The potential benefits, however, will depend on the applicable card fees, exchange rates, acceptance arrangements and the terms under which customers access the service.
UnionPay Strengthens Its African Payment Network
The partnership also represents an important step for UnionPay International as it expands payment connectivity across Africa.
The General Manager of UnionPay International’s Africa Branch, Feng Chen, said the collaboration would improve payment connectivity between Ghana and China while providing customers with additional cross-border payment options.
UnionPay operates an international payment acceptance network spanning 183 countries and regions. Its cards are issued locally in more than 86 countries and regions through partnerships with over 2,600 institutions worldwide.
The collaboration with GCB Bank gives Ghanaian customers another payment option linked to this extensive international network.
The cards will support point-of-sale payments, cash withdrawals from automated teller machines and online transactions in China.
These features could be particularly useful to businesspeople who need access to funds while visiting Chinese commercial centres to negotiate contracts, inspect products or arrange shipments.
The availability of online transactions could also support customers making eligible digital payments while conducting business in China.
However, the practical experience will depend on the specific merchants, ATMs and online platforms that accept the cards.
Rising Travel Adds Momentum to the Initiative
The launch comes amid sustained travel between Ghana and China for business, education and official engagements.
According to the Ghana Tourism Authority’s 2025 Tourism Report, Ghana recorded 1.307 million international visitors, with business travel accounting for 31 per cent of visits.
China ranked as Ghana’s sixth-largest source market, contributing nearly 20,000 arrivals annually.
Meanwhile, more than 9,000 Ghanaians travelled to China in 2023 for business, trade, education and official engagements. Approximately 4,600 Ghanaian students were also enrolled in Chinese institutions.
These connections create demand for payment solutions that can serve different categories of travellers, from importers and corporate executives to students and other customers with legitimate spending needs in China.
The RMB cards could provide an additional option for managing travel expenses without relying entirely on traditional currency conversion arrangements.
What the Cards Mean for Ghana’s Banking Future
Established in 1953 and listed on the Ghana Stock Exchange, GCB Bank operates more than 183 branches and 340 ATMs nationwide.
Its partnership with UnionPay International reinforces the role of established Ghanaian banks in connecting local customers to international markets.
The initiative also arrives as financial institutions increasingly seek to make cross-border payments more convenient for customers whose commercial activities extend beyond national borders.
Nevertheless, the wider impact will depend on accessibility, customer awareness, transaction costs and the ease with which cardholders can obtain and use the products.
Ghanaian businesses will want to understand the applicable charges, funding requirements and exchange rate arrangements before deciding whether the cards offer savings compared with existing payment methods.
Ultimately, the launch of Ghana’s first RMB debit and prepaid cards gives traders and travellers a new way to manage payments connected to China.
With bilateral trade reaching US$14.1 billion, the partnership places GCB Bank at the centre of an evolving relationship between banking innovation and international commerce, potentially making everyday transactions easier for customers whose livelihoods increasingly depend on the Ghana-China trade corridor.
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