Landmark approval strengthens Africa-China trade by enabling faster, more efficient RMB payments across 19 African countries
Standard Bank has become the first Africa-based financial institution to receive authorisation from the People’s Bank of China (PBoC) to clear Renminbi (RMB) transactions, marking a significant milestone in strengthening trade and investment ties between Africa and China.
The continent’s largest bank by assets has been jointly authorised alongside the Industrial and Commercial Bank of China Limited (ICBC) to operate as the Renminbi Clearing Bank of Africa, providing operational capacity to clear RMB transactions across 19 African countries.
The appointment represents several firsts. It is the first RMB clearing bank named after an entire continent and the first to be jointly operated by two commercial banks.
The latest authorisation builds on Standard Bank’s growing presence in cross-border payments. In November 2025, it became the first African bank authorised to participate in China’s Cross-Border Interbank Payment System (CIPS), which facilitates international interbank payments using the Chinese Renminbi.
Through the new clearing arrangement, Standard Bank and ICBC aim to improve the efficiency of RMB transactions by providing businesses and financial institutions with direct access to China’s onshore financial system, including capital markets, liquidity and payment innovations.
The move is expected to simplify cross-border payments, reduce transaction costs and enhance the speed of settlements for companies conducting business between Africa and China.
Head of Operations for Corporate & Investment Banking at Standard Bank, Richard de Roos.
Richard de Roos, Head of Operations for Corporate & Investment Banking at Standard Bank, described the approval as a major achievement for the bank and its clients.
“We are immensely proud to be the first African bank to be granted clearing status. This status speaks to our purpose of promoting the continent’s growth and meeting our clients where they need us most.”
He said the approval reinforces Standard Bank’s commitment to transforming payment services across the continent.
“As stated at Standard Bank Group’s Capital Markets Day in March 2026, payments are at the heart of every banking relationship, and we are at the forefront of the payments evolution. This new service will provide our clients with transparent, efficient and cost-effective payment solutions between China and Africa, supporting trade and investment between the world’s most dynamic economies.”
The announcement comes as trade between Africa and Asia continues to accelerate.
According to the fifth edition of the Standard Bank Africa Trade Barometer, businesses across the 10 African markets surveyed increasingly favour Asian trading partners. The survey found that Asian countries are now the preferred trading partners for an average of 35% of respondents, up from 24% in 2024.
China remains Africa’s leading source of imported goods and production inputs, with 67% of businesses surveyed identifying the country as their primary supplier. Respondents cited competitive pricing, product diversity and reliable supply chains as the key reasons behind China’s continued dominance.
De Roos believes Standard Bank’s expanded RMB capabilities position the bank to play an even greater role in facilitating trade between the two regions.
“China is Africa’s largest export market, and with clearing status added to CIPS participation, Standard Bank is even better placed to support Africa’s trade with China. We expect demand for these services to continue to expand.”
The new RMB clearing capability is expected to strengthen financial connectivity between Africa and China, providing businesses with faster, more transparent and cost-effective payment solutions while supporting growing trade and investment flows between the two economies.