Stanbic Bank Ghana CEO says direct RMB settlement could reduce intermediary-bank dependence and improve payment turnaround

EDITORIAL VERDICT: VERIFIED — CORPORATE ANNOUNCEMENT; KEY CIPS DETAILS INDEPENDENTLY CORROBORATED

Businesses trading between Ghana and China could benefit from faster and potentially lower-cost payment processing following Stanbic Bank Ghana’s introduction of direct access to China’s Cross-Border Interbank Payment System (CIPS), according to Stanbic Bank Ghana Chief Executive Kwamina Asomaning.

Asomaning made the remarks at the Ghana-China Day in Accra, where stakeholders discussed ways to strengthen financial and commercial connections between the two countries. The event was organised by Stanbic Bank Ghana in partnership with the Industrial and Commercial Bank of China (ICBC).

A More Direct Route for Ghana-China Payments

Asomaning said CIPS gives eligible businesses a more direct route to settle transactions in Chinese yuan (RMB) with Chinese counterparties.

The system can reduce reliance on correspondent and intermediary banks, potentially helping businesses reduce delays and transaction costs associated with traditional payment routes.

CIPS is a wholesale payment infrastructure authorised by the People’s Bank of China for cross-border RMB clearing and settlement. Stanbic Bank Ghana became the first bank in Ghana to offer clients direct access to CIPS after receiving approval from the Bank of Ghana.

Stanbic Bank Ghana says eligible RMB payments submitted with complete documentation by 2:00 p.m. GMT can be processed for next-business-day settlement, subject to regulatory and compliance requirements.

China Remains Ghana’s Major Import Source

The development comes as commercial ties between Ghana and China remain significant.

Ghana Statistical Service data show that China accounted for 22.3% of Ghana’s total imports in 2024, making it the country’s largest import source.

Asomaning said the relationship should move beyond the traditional focus on goods and infrastructure towards areas including investment, manufacturing, technology transfer and higher-value services.

“The next chapter must be about building financial connectivity, productive capacity and shared value,” he said.

He also assured businesses operating along the Ghana-China corridor that Stanbic Bank would continue working to reduce financial barriers.

“When a business crosses a border, its bank should not become another border,” Asomaning said.

Stanbic–ICBC Partnership

Stanbic’s CIPS capability is supported by the relationship between its parent, Standard Bank Group, and ICBC.

Standard Bank and ICBC were jointly authorised in June 2026 by the People’s Bank of China to clear Renminbi in Africa, with the two institutions operating as the Renminbi Clearing Bank of Africa with capacity to clear RMB across 19 African countries.

ICBC Africa representative office CEO Li Li described Stanbic Ghana’s CIPS rollout as an important development for RMB business in Ghana and highlighted the longstanding Standard Bank–ICBC partnership in client services, product development, connectivity, staff exchanges and risk management.

How Businesses Can Use CIPS

Stanbic Bank Ghana says customers seeking to use the service must hold an account with the bank and can initiate transactions through a branch or the bank’s digital banking channels.

• Select Chinese yuan/RMB as the payment currency.
• Provide the required supporting documentation.
• Submit eligible requests by 2:00 p.m. GMT for next-business-day settlement, subject to applicable requirements.

Stanbic also clarifies that CIPS does not replace SWIFT. It provides an additional payment route specifically for eligible RMB/CNY transactions, while other currencies continue to use existing payment rails.

Ghana-China Day

The Ghana-China Day was held under the theme “Connecting Capital, Commerce, and Opportunity in the Ghana-China Corridor.”

The gathering brought together stakeholders from Ghana’s financial and business communities to examine opportunities for deeper trade, investment and economic cooperation between Ghana and China. Stanbic Bank Ghana said the initiative is part of efforts to make transactions along the corridor simpler, faster and more efficient.

The introduction of direct CIPS access therefore adds a new RMB payment channel for eligible Ghanaian businesses, while the broader Ghana-China relationship continues to evolve beyond traditional merchandise trade.

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