Stanbic Bank Kenya strengthens Africa-China Trade Corridor with launch of Renminbi Payments

Stanbic Bank Kenya has begun processing Renminbi (RMB) transactions through China’s Cross-Border Interbank Payment System (CIPS), joining Standard Bank Group in providing direct access to one of the world’s most important payment infrastructures for cross-border trade.

The launch comes as Standard Bank Group surpasses CNY 8 billion (US$1.2 billion) in transactions processed through CIPS, underscoring growing demand for faster, more efficient trade between Africa and China.

The solution enables faster RMB payments, improved payment visibility and traceability, reduced reliance on traditional correspondent banking routes, and greater efficiency for Kenyan businesses trading with China.

“China remains Kenya’s largest trading partner, and we continue to see growing trade and investment between our two countries.

As businesses increasingly seek faster, more transparent and efficient ways to transact, our ability to process RMB payments through CIPS represents a significant milestone in strengthening the Kenya-China trade corridor.

By leveraging Standard Bank Group’s proven CIPS capability, which has already processed more than CNY 8 billion in transaction value, we are enabling our clients to trade with greater speed, efficiency and confidence,” said Jonathan Muga, Head Corporate and Investment Banking at Stanbic Bank Kenya.

The announcement was made during Stanbic Bank Kenya’s 2026 China Day, which brought together Chinese investors, business leaders, diplomats and trade partners to discuss the future of Kenya-China economic cooperation and emerging business opportunities.

The milestone reflects Standard Bank Group’s 18-year strategic partnership with the Industrial and Commercial Bank of China (ICBC), its largest shareholder and the world’s largest bank by assets.

Building on this partnership, Standard Bank Group and ICBC were recently jointly authorised by the People’s Bank of China to operate as the Renminbi Clearing Bank of Africa, making Standard Bank the first Africa-based bank with direct RMB clearing status and enabling RMB clearing across 19 African countries.

“Chinese enterprises remain a key focus of Stanbic Bank Kenya’s Corporate and Investment Banking strategy. Leveraging deep local market expertise, Standard Bank Group’s pan-African footprint and its strategic partnership with ICBC, the bank supports Chinese businesses across infrastructure, manufacturing, logistics, energy, technology and trade.

This capability comes at a time when businesses across Africa are increasingly looking east.

According to the latest Standard Bank Africa Trade Barometer, Asian markets are now the preferred trading partners for 35% of surveyed businesses, up from 24% in 2024, while 67% identified China as their leading source of imports, citing competitive pricing, product variety and supply chain reliability,”  said Muya Guo, Head of China Desk at Stanbic Bank Kenya.

This milestone further strengthens Africa’s financial connectivity with China as well as reinforcing Standard Bank’s role as a leading facilitator of trade, investment, and capital flows between the regions.

As Kenya positions itself as a gateway to East Africa, Stanbic Bank Kenya remains dedicated to connecting businesses to international markets with innovative financial solutions that simplify cross-border trade, improve efficiency, and create new growth opportunities.