Stanbic Bank Ghana has become the first bank in Ghana to offer customers direct access to the China Cross-Border Interbank Payment System (CIPS), after receiving approval from the Bank of Ghana.
The new service is expected to make trade and financial transactions between Ghana and China faster and simpler by allowing Chinese Yuan payments to be settled directly through Stanbic Bank.
The launch places Stanbic Bank Ghana at the centre of Standard Bank Group’s wider rollout of CIPS across Africa. Standard Bank Group was the first African banking group to be licensed as a direct participant in the Chinese payment platform, with Ghana one of six African markets selected for the expansion.
CIPS is a wholesale payment system authorised by the People’s Bank of China to clear and settle cross-border transactions in Chinese Yuan, also known as the Renminbi. It offers a secure and cost-effective alternative to the SWIFT network for payments denominated in RMB, supporting both real-time and batch settlements.
Under the new arrangement, individuals and businesses in Ghana can make Chinese Yuan payments directly from Ghana cedi accounts held with Stanbic Bank. The service is available for remittances, tuition fees, medical payments and commercial transactions with China, alongside the bank’s existing payment channels.
Stanbic Bank Ghana Chief Executive Kwamina Asomaning described the introduction of CIPS as an important development for the bank and for Ghana’s relationship with China.
“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,” he said.
Mr Asomaning said the service would make cross-border business “simpler, faster and more efficient” for customers.
“China is one of Ghana’s most important trading partners, and we are committed to providing the financial infrastructure that enables businesses to trade with greater confidence and ease,” he stated.
Stanbic Bank said companies trading with China had traditionally faced several difficulties, including limited foreign exchange liquidity, the involvement of multiple intermediary banks and, in some cases, the risks of transporting physical cash to complete transactions.
CIPS creates a direct bank-to-bank settlement route in Chinese Yuan, helping to reduce those challenges. Customers will still be able to use their existing Stanbic Bank relationship managers, branches and digital banking channels.
Mr Asomaning said clients had repeatedly asked for payment services that were quicker and more dependable when dealing with 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,” he said.
The Ghana rollout follows a milestone for Standard Bank Group in November 2025, when it became the first African bank authorised to participate directly in CIPS.
In June 2026, Standard Bank Group and ICBC were jointly authorised by the People’s Bank of China to operate as the “Renminbi Clearing Bank of Africa”. The approval enables Renminbi clearance across 19 African countries.
Stanbic Bank Ghana, which is a subsidiary of Standard Bank Group, said the development underlined its commitment to supporting international trade. The bank added that the service would provide individuals and businesses with more efficient cross-border payment options as commercial links between Ghana and China continue to grow.
