Stanbic Bank Kenya strengthens Africa-China Trade Corridor with launch of Renminbi Payments as Standard Bank surpasses CNY 8 Billion through CIPS, making it easier and faster for Kenyan businesses to send and receive money when trading with China.
The new service allows Stanbic Bank Kenya customers to make Renminbi (RMB) payments directly through China’s Cross-Border Interbank Payment System (CIPS). CIPS is a major payment system approved by the People’s Bank of China to support international RMB payments.
The service is expected to make Kenya-China trade more convenient by providing faster payments, better transaction tracking and improved transparency. It also reduces the need for businesses to depend heavily on traditional correspondent banking channels.
The launch comes as Standard Bank Group has processed more than CNY 8 billion (about US$1.2 billion) through CIPS, showing the growing demand for efficient payment solutions between Africa and China.
Jonathan Muga, Head of Corporate and Investment Banking at Stanbic Bank Kenya, said China remains Kenya’s largest trading partner. He noted that the new RMB payment capability will help businesses trade with China more quickly and efficiently.
The announcement was made during Stanbic Bank Kenya’s 2026 China Day, an event that brought together Chinese investors, business leaders, diplomats and trade partners. The participants discussed Kenya-China economic cooperation and new business opportunities.
The new payment service is supported by Standard Bank Group’s long-standing partnership with Industrial and Commercial Bank of China (ICBC). The two institutions recently received approval from the People’s Bank of China to operate as the Renminbi Clearing Bank of Africa.
This makes Standard Bank the first Africa-based bank to receive direct RMB clearing status. The arrangement will allow RMB clearing services across 19 African countries.
Stanbic Bank Kenya also continues to support Chinese businesses operating in Kenya. These businesses are active in sectors such as infrastructure, manufacturing, logistics, energy, technology and trade.
Muya Guo, Head of China Desk at Stanbic Bank Kenya, said Chinese businesses remain an important part of the bank’s Corporate and Investment Banking strategy. The bank uses its local knowledge, Standard Bank Group’s African network and its partnership with ICBC to help businesses access new markets.
The need for stronger trade links with Asia is also increasing. According to the latest Standard Bank Africa Trade Barometer, 35% of surveyed businesses now prefer Asian markets as trading partners, compared with 24% in 2024. China was also identified by 67% of surveyed businesses as their leading source of imports.
Stanbic Bank Kenya’s new RMB payment capability is therefore expected to further strengthen financial connections between Kenya, Africa and China. It will help businesses make cross-border payments more efficiently while creating more opportunities for trade, investment and economic growth.
As Kenya continues to position itself as a gateway to East Africa, Stanbic Bank Kenya says it will continue developing financial solutions that help businesses connect with international markets.