Standard Bank Namibia has become the first bank in the country to offer clients direct access to China’s Cross-Border Interbank Payment System (CIPS), targeting faster and cheaper Renminbi (RMB) transactions between Namibia and China.
The bank officially launched the capability on Monday, strengthening payment links with China as trade and investment between the two countries continue to expand.
CIPS is China’s international payment infrastructure for clearing and settling cross-border RMB transactions. Standard Bank Namibia said the system will reduce reliance on traditional correspondent banks for eligible transactions, cutting the number of intermediaries involved in payments.
Standard Bank Namibia Chief Executive Erwin Tjipuka said the system would improve settlement times and reduce costs and currency risks for businesses trading with China.
“China is one of Namibia’s most important trading partners and the demand for efficient payment solutions continues to grow. By bringing CIPS to Namibia, we are giving our clients faster settlement, fewer intermediaries and reduced currency risk,” he said.
The launch follows Standard Bank Group becoming the first African bank authorised to participate directly in CIPS in November 2025. Standard Bank and the Industrial and Commercial Bank of China (ICBC) were subsequently jointly authorised to clear RMB transactions across Africa as the Renminbi Clearing Bank of Africa.
Standard Bank Namibia Head of Transaction Banking Socrates Dias said the system would benefit companies importing goods from China, exporters supplying Asian markets and businesses managing China-linked investments.
He said the service would also be available to small and medium enterprises and entrepreneurs sourcing goods from Chinese suppliers.
Chinese Ambassador to Namibia Zhao Weiping said about 17% of Standard Bank Namibia’s cross-border payments are directed to China, highlighting the importance of the trade corridor.
“The introduction of CIPS capability in Namibia marks a significant advancement in strengthening financial connectivity between Namibia, China and the broader global economy,” Zhao said.
ICBC Africa Representative Office Chief Representative Li Li said the Chinese banking group had provided more than US$28 billion in loans to over 130 projects across Africa.
Standard Bank Namibia Executive for Corporate and Investment Banking Nelson Lucas said Namibia was now joining an established continental payment network already processing significant RMB-denominated trade flows.
“CIPS is not a future concept. It is an established platform already supporting billions of Renminbi in trade flows across Africa. Today, Namibia joins that network,” Lucas said.
The bank expects the system to support growing Namibia-China trade and investment across sectors including mining, energy, infrastructure, manufacturing and general trade.
