Standard Bank Becomes First African Bank Authorised to Clear Chinese RMB

Standard Bank,  the biggest bank in Africa by assets, and the Industrial and Commercial Bank of China Limited (ICBC)  have been jointly authorised by the People’s Bank of China (PBoC) to clear Renminbi (RMB) in Africa. Standard Bank is the first African based bank to receive this authorisation.

In November 2025, the bank also became the first on the continent to be authorised to participate in China’s Cross-Border Interbank Payment System (CIPS). CIPS enables interbank payments between Africa and China using Chinese RMB as the underpinning currency.

Standard Bank and ICBC will operate jointly as the “Renminbi Clearing Bank of Africa” with operational capacity to clear RMB in 19 African countries.

The Renminbi Clearing Bank of Africa is the first RMB clearing bank named after a continent and the first to be jointly operated by two commercial banks. Leveraging ICBC’s leading RMB capabilities and Standard Bank Group’s strong African network, the clearing bank will serve as a core hub for RMB business across Africa, significantly enhancing the efficiency of RMB fund flows for various market participants.

RMB Clearing Bank status provides exclusive access to China’s onshore financial system, including access to capital markets, liquidity, and payments innovations.

“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. 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 payments solutions between China and Africa, supporting trade and investment between the world’s most dynamic economies.”

– Richard de Roos, Head of Operations for Corporate & Investment Banking, Standard Bank

According to the latest edition of the Standard Bank Africa Trade Barometer (Issue 5), cross-border trade preferences among businesses in the 10 African markets surveyed have shifted notably. Asian countries are now the preferred partners for an average of 35% of respondents, up from 24% in 2024.

China continues to dominate as the leading source of inputs, cited by 67% of surveyed businesses, with competitive pricing, product variety and supply-chain reliability highlighted as the key drivers of this preference.

“China is Africa’s largest export market, and with clearer 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.”

– Richard de Roos, Head of Operations for Corporate & Investment Banking, Standard Bank