Standard Bank Becomes First African Bank to Integrate China's Payment System for Cross-Border Transactions
Standard Bank Headquarters in Johannesburg Image Credit: Wikipedia Standard Bank is making it easier for African businesses to pay Chinese suppliers by becoming the first African bank to directly connect to China's Cross-Border Interbank Payment System (CIPS). This new system allows companies to send payments directly in Chinese currency (renminbi or yuan), bypassing the need to first convert money to US dollars. This major change is expected to make payments faster, cheaper, and less complicated for African businesses that import goods from China. The bank received permission to use CIPS in June 2025 and began offering the service in September 2025. African businesses that use Standard Bank can now pay their Chinese suppliers directly in the Chinese currency. Before this, payments often had to be sent through a middle step, like converting currency to US dollars. This added time and cost. Standard Bank is the first African bank to join China's CIPS, which is a pay...