Ghana news briefing
Stanbic Bank becomes first in Ghana to offer direct Chinese Yuan payments through CIPS
Synthesised from 2 Ghanaian sources
Stanbic Bank Ghana has become the first bank in the country to offer clients direct access to the China Cross-Border Interbank Payment System, following approval from the Bank of Ghana in a move expected to simplify and accelerate trade and financial transactions between Ghana and China.
Stanbic Bank Ghana, a subsidiary of Standard Bank Group, said the rollout reinforces its commitment to supporting international trade by providing businesses and individuals with more efficient cross-border payment solutions as commercial ties between Ghana and China continue to expand.
CIPS is a wholesale payment system authorised by the People's Bank of China for clearing and settling cross-border transactions in Chinese Yuan.
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