Standard Bank Namibia on Monday launched China’s Cross-Border Interbank Payment System (CIPS), becoming the first bank in Namibia to offer direct renminbi (RMB) payment services.
The initiative is expected to facilitate faster and cheaper cross-border transactions with China, with settlement times potentially reduced to about 35 minutes while lowering reliance on intermediary currencies.
Standard Bank Namibia CEO Erwin Tjipuka said the service would provide businesses trading with China with faster settlement, fewer intermediaries and reduced currency risk.
Chinese Ambassador to Namibia Zhao Weiping said about 17 per cent of Namibia’s cross-border payments are directed to China, with nearly one-third already settled in RMB, reflecting growing use of the Chinese currency in bilateral trade. China has remained Namibia’s second-largest trading partner and biggest source of foreign direct investment for several consecutive years. The launch follows Namibian President Netumbo Nandi-Ndaitwah’s state visit to China in July, during which the two countries signed several economic and trade cooperation agreements.
In November 2025, Standard Bank Group became the first African banking group authorised to participate in CIPS. In June 2026, the People’s Bank of China authorised Standard Bank Group and ICBC to clear RMB transactions in 19 African countries under the “Renminbi Clearing Bank of Africa” arrangement.