Renminbi (RMB) / Screengrab
China has authorised Standard Bank and the Industrial and Commercial Bank of China (ICBC) to jointly operate as the Renminbi (RMB) Clearing Bank of Africa.
Standard Bank Group is Africa's largest banking group by assets, with business operations spanning commercial banking, investment banking and life insurance.
The approval, granted by the People's Bank of China (PBoC), makes Standard Bank the first African-based bank to receive authorisation to clear Renminbi transactions.
Under the arrangement, Standard Bank and ICBC will jointly provide RMB clearing services in 19 African countries, creating a central hub for processing payments in China's currency.
The designation also marks the first RMB clearing bank named after an entire continent and the first to be jointly operated by two commercial banks.
The latest approval builds on Standard Bank's growing role in facilitating Africa-China trade. In November 2025, the bank became the first African financial institution authorised to participate in China's Cross-Border Interbank Payment System (CIPS), which enables cross-border interbank payments using the Renminbi.
RMB clearing status gives Standard Bank direct access to China's onshore financial system, including capital markets, liquidity and payment infrastructure, enabling faster and more efficient settlement of cross-border transactions.
Head of Operations for Corporate and Investment Banking at Standard Bank Richard de Roos, said the approval reinforces the bank's position at the centre of Africa's evolving payments landscape.
De Roos added that the new service would provide businesses with transparent, efficient and cost-effective payment solutions between Africa and China, supporting growing trade and investment ties.
“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," he said.
"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.”
According to the latest Standard Bank Africa Trade Barometer, African businesses are increasingly looking to Asia as their preferred trading partner. The survey found that Asian countries are now the preferred trade partners for an average of 35 per cent of businesses across 10 African markets, up from 24 per cent in 2024.
China remains Africa's leading source of imported inputs, with 67 per cent of surveyed businesses citing the country as their preferred supplier because of competitive pricing, product variety and reliable supply chains.
De Roos said demand for Renminbi payment services is expected to grow further as trade between Africa and China continues to expand.
"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," he said.
The new clearing bank is expected to improve the efficiency of Renminbi fund flows across Africa, reducing transaction costs and simplifying cross-border payments for businesses engaged in trade with China.
