Stanbic customers to benefit from direct Chinese Yuan settlement service  

Stanbic Bank Ghana has introduced direct access to China’s cross-border payment system to facilitate Yuan transactions between Ghanaian customers and Chinese counterparties.

He said the bank’s direct access to the China Cross-Border Interbank Payment System (CIPS) was a significant development for Ghana-China trade and would strengthen the financial infrastructure supporting bilateral commerce.

CIPS is a wholesale payment infrastructure authorised by the People’s Bank of China for clearing and settling cross-border transactions denominated in Renminbi (RMB), also known as Yuan.