Kenyan businesses importing goods from China are set to benefit from faster and more efficient cross-border payments after Stanbic Bank Kenya launched direct Renminbi (RMB) payment processing through China's Cross-Border Interbank Payment System (CIPS).
The move allows businesses to make payments directly in Chinese yuan, reducing reliance on traditional correspondent banking routes that can slow transactions and increase costs.
The launch comes as Standard Bank Group announced it has processed more than CNY8 billion (approximately US$1.2 billion) in transactions through CIPS, highlighting growing trade between Africa and China.
Stanbic said the new capability will enable faster RMB payments, improved payment visibility and traceability, and greater efficiency for Kenyan businesses trading with China.
Speaking during Stanbic Bank Kenya's 2026 China Day, Jonathan Muga, Head of Corporate and Investment Banking, said the development reflects the growing economic ties between Kenya and China.
"China remains Kenya's largest trading partner, and we continue to see growing trade and investment between our two countries. As businesses increasingly seek faster, more transparent and efficient ways to transact, our ability to process RMB payments through CIPS represents a significant milestone in strengthening the Kenya-China trade corridor."
He added that the solution would help businesses transact more efficiently by leveraging Standard Bank Group's existing CIPS infrastructure.
"By leveraging Standard Bank Group's proven CIPS capability, which has already processed more than CNY 8 billion in transaction value, we are enabling our clients to trade with greater speed, efficiency and confidence."
China remains Kenya's biggest source of imports, with thousands of businesses relying on Chinese suppliers for electronics, machinery, construction materials, textiles and consumer goods. Direct access to CIPS is expected to simplify payments by allowing transactions to be settled through China's official cross-border yuan payment system.
According to Stanbic, the launch also reduces dependence on traditional correspondent banking channels while improving payment tracking throughout the transaction process.
Muya Guo, Head of China Desk at Stanbic Bank Kenya, said the bank was seeing more African businesses shift their trade focus towards Asia. "Chinese enterprises remain a key focus of Stanbic Bank Kenya's Corporate and Investment Banking strategy," Guo remarked.
She added that the shift reflects broader changes in Africa's trade patterns, saying "According to the latest Standard Bank Africa Trade Barometer, Asian markets are now the preferred trading partners for 35% of surveyed businesses, up from 24% in 2024, while 67% identified China as their leading source of imports, citing competitive pricing, product variety and supply chain reliability."
The launch builds on Standard Bank Group's strategic partnership with the Industrial and Commercial Bank of China (ICBC), through which the two institutions were recently authorised by the People's Bank of China to operate as the Renminbi Clearing Bank of Africa.
The arrangement enables RMB clearing across 19 African countries, further strengthening financial links between African markets and China as trade volumes continue to grow.