Stanbic Bank becomes first bank in Ghana to offer direct Chinese Yuan settlement via CIPS - MyJoyOnline
Stanbic Bank Ghana is the first bank in Ghana to offer direct Chinese Yuan settlement via the CIPS platform.Summary
Stanbic Bank Ghana has become the first bank in Ghana to offer direct access to the China Cross-Border Interbank Payment System (CIPS), following approval from the Bank of Ghana. This service allows individuals and businesses to settle Chinese Yuan payments directly from their Ghana cedi accounts, providing a secure and efficient alternative to the SWIFT network for RMB-denominated transactions.
The rollout is part of Standard Bank Group's continental expansion, following its achievement as the first African banking group licensed as a direct participant in CIPS. Ghana is one of six African markets selected for this rollout, highlighting its strategic importance in trade with China. The service aims to simplify cross-border trade by addressing challenges such as foreign exchange liquidity constraints and the need for multiple intermediary banks.
Kwamina Asomaning, Chief Executive of Stanbic Bank Ghana, described the launch as a landmark moment for the bank and the Ghana-China trade relationship. The new system enables faster and more reliable payment solutions for transactions with Chinese suppliers, allowing customers to settle payments through existing banking channels, including digital platforms and branches.
(Source：Myjoyonline)