Seen Here: Driving the future of Africa-China trade. Ontiretse (Onti) Modise, Head of Payments for Corporate and Investment Banking at Standard Bank, says surpassing CNY 8 billion in transactions through China’s Cross-Border Interbank Payment System (CIPS) reflects the growing demand for faster, more efficient cross-border payments. As the first African bank authorised to process transactions directly through CIPS, Standard Bank continues to strengthen trade connectivity between Africa and China. Photo Credit: Supplied
JOHANNESBURG – Standard Bank has reached a significant milestone in strengthening Africa-China trade after processing more than CNY 8 billion (approximately US$1.2 billion) in transactions through China’s Cross-Border Interbank Payment System (CIPS), underscoring the growing demand for faster and more efficient cross-border payments.
The achievement comes just over a year after Standard Bank became the first African bank authorised to process transactions directly through CIPS, following regulatory approval granted during the Lujiazui Forum in Shanghai in June 2025.
The milestone reinforces the bank’s growing role in facilitating trade between Africa and the world’s second-largest economy while positioning itself at the forefront of cross-border payment innovation on the continent.
Transforming Africa-China trade
CIPS enables financial institutions to settle international transactions directly in the Chinese Renminbi (RMB), reducing reliance on intermediary currencies and making cross-border payments faster, more efficient and more cost-effective.
Since launching the service, Standard Bank has expanded CIPS capabilities beyond South Africa to Angola, Ghana, Kenya, Lesotho and Tanzania, providing businesses operating across major African trade corridors with direct access to RMB settlement.
The expansion reflects increasing demand from African businesses trading with China, which remains the continent’s largest export market.
Strong demand drives rapid growth
According to Ontiretse Modise, Head of Payments for Corporate and Investment Banking at Standard Bank, the rapid growth in transaction volumes highlights the importance of seamless payment infrastructure in supporting international trade.
“Surpassing CNY 8 billion in transaction flows within the first year reflects strong demand for seamless trade with the world’s second-largest economy,” said Modise.
“With our world-class payments capabilities, Standard Bank is focused on expanding CIPS access across Africa, unlocking more efficient cross-border transactions and deepening trade corridors for our clients.”
He added that the bank intends to extend the service to additional African markets before the end of 2026, further strengthening commercial ties between Africa and China.
Africa’s trade priorities are shifting
The milestone coincides with changing trade patterns revealed in the latest Standard Bank Africa Trade Barometer, which shows African businesses increasingly looking east for trade opportunities.
According to the report, 35% of businesses surveyed across ten African markets now identify Asian countries as their preferred trading partners—up from 24% in 2024.
China remains the dominant supplier of imported goods and production inputs, with 67% of respondents citing the country as their preferred sourcing destination.
Businesses highlighted competitive pricing, product variety and reliable supply chains as the primary reasons for strengthening commercial relationships with Chinese suppliers.
The survey also found that companies are increasingly diversifying supplier networks, expanding export markets and strengthening intra-African trade to improve long-term resilience and growth.
A strategic advantage for African businesses
Direct RMB settlement through CIPS offers several advantages for businesses involved in international trade, including shorter transaction times, reduced processing costs and improved payment transparency.
By eliminating the need for multiple intermediary currencies, companies can complete transactions more efficiently while managing foreign exchange exposure more effectively.
For African exporters and importers, these improvements could translate into stronger competitiveness within one of the world’s largest trading relationships.
Driving the future of payments
Standard Bank believes CIPS will play an increasingly important role in modernising Africa’s payment infrastructure as global commerce becomes more interconnected.
“As the payments landscape rapidly evolves, we are actively shaping its next phase,” Modise said.
“We see CIPS as a critical enabler of this transformation, strengthening Africa’s connectivity to global markets. We are confident this payment system will play a pivotal role in accelerating trade flows and supporting the continent’s continued growth.”
With transaction volumes already exceeding CNY 8 billion and plans to expand the platform into more African countries, Standard Bank is positioning itself as a key driver of the next phase of Africa-China economic integration, helping businesses trade faster, smarter and more efficiently in an increasingly connected global economy.
