The use of China's Cross-Border Interbank Payment System (CIPS) was expanding across Africa, with more than CNY8 billion (R21.6 billion) in transactions processed since Standard Bank became the first African bank authorised to offer direct access to the payment platform, the bank said.
Approval to process direct CIPS transactions was granted in June 2025, and the service has since been expanded beyond South Africa to Angola, Ghana, Kenya, Lesotho and Tanzania.
CIPS enabled cross-border payments to be cleared and settled directly in Chinese renminbi (RMB), reducing reliance on intermediary currencies and streamlining transaction processes, Standard Bank said.
"Surpassing CNY8 billion in transaction flows within the first year reflects strong demand for seamless trade with the world's second-largest economy," said Ontiretse Modise, head of payments for corporate and investment banking at Standard Bank. The bank said it planned to extend direct CIPS access to additional African countries by the end of 2026.
Businesses across the 10 African markets surveyed are increasingly looking to Asia as a trading partner, according to Standard Bank's latest Africa Trade Barometer. The report found that Asian countries were the preferred trading partners for an average of 35% of respondents, up from 24% in 2024, while 67% identified China as their leading source of inputs, citing competitive pricing, product variety and supply chain reliability.
China remained Africa's largest export market, and wider adoption of CIPS could support more efficient settlement of cross-border trade transactions between the two regions, Standard Bank said.
