Stanbic Bank Uganda has become the first financial institution in the country to integrate with China’s Cross-Border Interbank Payment System (CIPS), enabling Ugandan businesses to make direct, faster, and lower-risk payments in Chinese Yuan (RMB).
The new payment solution is expected to ease trade between Uganda and China by reducing foreign exchange exposure, improving transaction efficiency, and lowering the cost of doing business for importers and exporters.
Uganda’s trade relationship with China continues to grow, with the country importing goods worth US$3.3 billion in 2025, compared to exports valued at US$118 million. The introduction of direct RMB settlement is expected to help businesses access Chinese markets more efficiently while reducing reliance on intermediary currencies.
The system was launched during the inaugural Stanbic–China Trade Forum held in Kampala on Tuesday, with Minister of State for Industry David Bahati saying the platform will address long-standing payment and data challenges affecting Uganda-China commerce.
“China is one of Uganda’s most significant bilateral partners. This solution removes key bottlenecks and opens practical pathways for deeper industrial and commercial collaboration,” Bahati said.
CIPS, which was launched globally by the People’s Bank of China in 2015, serves as China’s official clearing and settlement infrastructure for cross-border RMB transactions. By integrating with this system, Stanbic Uganda enables local businesses to bypass intermediary currencies like the US dollar, reducing transaction costs, minimising foreign exchange risk, and speeding up settlement times.
Andrew Mashanda, Standard Bank Group’s Head of Business and Commercial Banking for Africa Regions and Offshore, said the initiative aligns with the bank’s broader strategy of supporting Africa’s economic transformation through increased trade and investment.
“Africa–China trade has been a key driver of growth across the continent. The next chapter will be defined not just by trade volumes, but by what we build together — manufacturing capacity, value addition, and infrastructure,” Mashanda said.
Stanbic Bank Uganda Chief Executive Mumba Kalifungwa said the integration of CIPS marks a major milestone in modernising trade facilitation and strengthening commercial ties between Uganda and China.
“The system will give Ugandan businesses a competitive edge and significantly contribute to government’s efforts to grow the economy ten times to reach US$500 billion by 2040,” Kalifungwa said.
He added that direct RMB settlement through CIPS will help businesses manage foreign exchange volatility, speed up transactions, and create a more efficient trading environment with Chinese companies.
In addition to the payment solution, Ugandan traders importing from China will benefit from Stanbic Bank’s partnership with Guomao, a platform connecting local businesses to one of Beijing’s major trading districts to expand sourcing opportunities and improve access to Chinese markets.
The initiative comes as Uganda continues to pursue measures aimed at strengthening international trade, supporting private sector growth, and promoting industrial development. The launch positions Stanbic Uganda as a key enabler of trade finance and economic integration between the two nations, offering businesses a more direct and efficient gateway to the Chinese market.
