Namibia accesses Chinese payment highway

Standard Bank Namibia says it has become the first bank in the country to enable clients to make direct payments through China's Cross-Border Interbank Payment System (CIPS).The bank officially launched its CIPS capability on Monday, following Standard Bank Group's authorisation to participate directly in the system in November 2025.Standard Bank Group subsequently became the first African-based bank jointly authorised with the Industrial and Commercial Bank of China (ICBC) to clear Renminbi (RMB) transactions across Africa as the Renminbi Clearing Bank of Africa.CIPS is China's international payment infrastructure for clearing and settling cross-border RMB transactions. Standard Bank Namibia's access to the network is expected to reduce reliance on traditional correspondent banking arrangements for eligible RMB transactions, potentially making payments faster, more transparent and less costly.Standard Bank Namibia chief executive Erwin Tjipuka said the development reflected the growing importance of China as a trading partner."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, creating a meaningful competitive advantage for businesses operating in the China corridor."Tjipuka said China's role in Namibia's economy was expanding across mining, infrastructure, energy, manufacturing and trade.Socrates Dias, head of transaction banking at Standard Bank Namibia, said the new capability could help businesses shorten settlement times, manage cash flow with greater certainty and improve transparency on eligible RMB payments."For businesses importing goods from China, exporting into Asian markets, paying suppliers or managing investments linked to China, this capability offers meaningful advantages. Importantly, the benefits extend beyond large corporates; it will also support our SME clients and Namibia's growing community of entrepreneurs, including the many businesses participating in our 'Order With Me' proposition, who rely on efficient access to suppliers and trading partners in China."Dias said the business case for CIPS rested on three areas: improving settlement times, transparency and transaction costs; supporting trade and investment between Namibia and China; and diversifying payment routes to improve reliability.Chinese ambassador to Namibia Zhao Weiping said the launch would strengthen financial links between the two countries."The introduction of CIPS capability in Namibia marks a significant advancement in strengthening financial connectivity between Namibia, China and the broader global economy. It creates a new bridge connecting Namibia to China's payment ecosystem and supports stronger trade, investment and economic cooperation between our countries."Zhao said about 17% of Standard Bank Namibia's cross-border payments were directed to China, highlighting the importance of the trade corridor and growing use of RMB settlement by businesses.Li Li, chief representative of the ICBC Africa Representative Office, said the launch followed the two banks' wider cooperation on RMB payments in Africa."ICBC has been deeply engaged in the African market for many years, and to date has provided more than USD 28 billion in loan support to over 130 key projects across the continent. At the end of 2025, we supported Standard Bank South Africa in becoming a direct overseas participant in CIPS, and the People's Bank ofChina has since authorised ICBC and Standard Bank to jointly serve as the Renminbi Clearing Bank of Africa – a historic milestone for the continent. Today's launch by Standard Bank Namibia is another important step in deepening our Renminbi business cooperation, and we look forward to supporting the continued growth of Namibia's Renminbi market."Nelson Lucas, executive for corporate and investment banking at Standard Bank Namibia, said Namibia was joining a payment network already facilitating trade between Africa and China."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, giving our clients direct access to a payment solution designed to support growing trade and investment with China."

Namibia accesses Chinese payment highway

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Republikein 2026-08-11

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Namibia accesses Chinese payment highway

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Republikein 2026-08-11

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