By Jibril Abdul Mumuni
Accra, Aug. 14, GNA – Stanbic Bank Ghana has introduced direct access to China’s cross-border payment system to facilitate Yuan transactions between Ghanaian customers and Chinese counterparties.
The service is expected to reduce payment delays and reliance on intermediary banks for eligible trade and other cross-border transactions denominated in Chinese Yuan (CNY).
Mr Kwamina Asomaning, Chief Executive of Stanbic Bank Ghana, said the initiative would make cross-border payments simpler, faster and more efficient for customers.
He said the bank’s direct access to the China Cross-Border Interbank Payment System (CIPS) was a significant development for Ghana-China trade and would strengthen the financial infrastructure supporting bilateral commerce.
Mr Asomaning said China remained one of Ghana’s major trading partners, making efficient payment channels important for businesses engaged in trade between the two countries.
Stanbic Bank Ghana became the first bank in Ghana to offer direct access to CIPS after receiving approval from the Bank of Ghana.
CIPS is a wholesale payment infrastructure authorised by the People’s Bank of China for clearing and settling cross-border transactions denominated in Renminbi (RMB), also known as Yuan.
The service will enable Ghanaian importers sourcing goods from China, as well as customers making tuition fee and medical payments and remittances, to settle eligible transactions directly in Yuan through the bank.
Stanbic Bank said businesses trading with China had faced challenges including foreign exchange liquidity constraints, reliance on multiple intermediary banks and delays associated with traditional payment channels.
Mr Asomaning said customers had consistently sought simpler and more reliable payment options for transactions with Chinese suppliers.
He said the CIPS channel provided a direct alternative for RMB payments without requiring customers to change their existing banking arrangements.
Standard Bank Group introduced its CIPS capability through Standard Bank South Africa in November 2025 and is progressively expanding the service across Africa.
Ghana is among six African countries selected for the rollout.
Stanbic Bank said customers could access the service through their relationship managers, branch network and digital banking platforms.
GNA
Edited by Kenneth Sackey
Reporter: Jibril Abdul Mumuni
[email protected]
