GCB Bank partners with UnionPay to launch Ghana’s first RMB debit and prepaid cards

GCB Bank has joined forces with UnionPay International to launch Ghana's inaugural Renminbi (RMB) debit and prepaid cards. This collaboration enables customers to transact directly in Chinese currency, circumventing the need for currency conversions. The announcement took place at UnionPay International's headquarters in Shanghai, China, where representatives from the Bank of Ghana were present.

The partnership signifies UnionPay's first RMB payment card designed to utilize the Chinese currency for clearing and settlement purposes.

With this new offering, Ghanaian businesses and travelers can now make point-of-sale payments, withdraw cash from ATMs, and engage in online transactions in China. The initiative comes as trade and travel between Ghana and China continue to grow, with bilateral trade reaching US$14.1 billion in 2025, a 19.3 per cent increase from the previous year. China remains Ghana's largest trading partner, with many local businesses relying on Chinese markets for goods, machinery, and raw materials.

GCB Bank's Managing Director, Farihan Alhassan, highlighted the partnership's role in addressing payment challenges faced by Ghanaian businesses operating in China. He emphasized that the new cards would facilitate straightforward payments for these businesses, reducing the need for intermediate currency conversions during procurement and business trips. This move aligns with GCB's commitment to supporting Ghanaian businesses in expanding their global reach and fortifying trade ties between the two nations.

UnionPay International's General Manager for Africa, Feng Chen, spoke about the enhanced payment connectivity between Ghana and China that the partnership brings. Additionally, the initiative provides more cross-border payment options amid increasing travel between the two countries. According to the Ghana Tourism Authority's 2025 Tourism Report, Ghana welcomed 1.307 million international visitors, with business travel accounting for 31 per cent of visits.

China ranked as Ghana's sixth-largest source market, contributing nearly 20,000 arrivals annually. More than 9,000 Ghanaians traveled to China in 2023 for business, trade, education, and official engagements, while around 4,600 Ghanaian students were enrolled in Chinese institutions.

The launch of these cards is expected to offer an additional payment option for Ghanaian traders who frequently visit China for procurement, accommodation, transport, and other business-related expenses. Established in 1953 and listed on the Ghana Stock Exchange, GCB Bank operates over 183 branches and 340 ATMs nationwide. UnionPay International manages a payment acceptance network spanning 183 countries and regions, with cards issued locally in over 86 countries through partnerships with more than 2,600 institutions worldwide.