Stanbic customers to benefit from direct Chinese Yuan settlement service

Stanbic Bank Ghana has launched a new service allowing customers to directly settle Chinese Yuan payments through the country's cross-border payment system. This service aims to streamline transactions between Ghanaian customers and Chinese businesses, reducing delays and eliminating the need for intermediary banks. The initiative is set to benefit businesses engaged in trade with China and individuals making tuition, medical, or remittance payments.

Stanbic Bank's Chief Executive, Mr. Kwamina Asomaning, emphasized that the new service would make cross-border payments simpler, faster, and more efficient for customers. He highlighted that China is one of Ghana's major trading partners, making efficient payment channels crucial for the financial infrastructure supporting bilateral commerce.

The service is the first of its kind in Ghana, with the bank receiving approval from the Bank of Ghana. CIPS, the China Cross-Border Interbank Payment System, is a wholesale payment infrastructure authorized by the People's Bank of China for clearing and settling cross-border transactions denominated in Renminbi (RMB), also known as Yuan.

By offering direct access to CIPS, Stanbic Bank aims to address challenges faced by businesses trading with China, such as foreign exchange liquidity constraints and delays associated with traditional payment channels. The bank's move comes as part of a broader effort to provide simpler and more reliable payment options for customers seeking to transact with Chinese suppliers.

Stanbic Bank Group has introduced similar capabilities through its South African arm, and the service is gradually being expanded across Africa, with Ghana selected as one of six countries for the rollout. Customers can access the service through their relationship managers, branch network, and digital banking platforms.