NEW: Standard Bank Namibia launches China’s CIPS payment system

Standard Bank Namibia has become the first bank in the country to launch Cross-Border Interbank Payment System (CIPS) capability, giving clients direct access to China’s international payment infrastructure.

The launch follows Standard Bank Group’s milestone in November 2025 as the first African bank authorised to participate in CIPS. More recently, the Group 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 dedicated system for clearing and settling cross-border RMB transactions. Through Standard Bank’s participation in the network, Namibian clients can now process eligible payments more directly, reducing reliance on traditional correspondent banking. This is expected to deliver faster settlement, greater transparency, improved traceability and potential cost savings for businesses trading with Chinese partners.

Standard Bank Namibia Chief Executive Erwin Tjipuka said the move reflects the bank’s commitment to supporting national economic growth through world-class financial infrastructure.

“China is one of Namibia’s most important trading partners and the demand for efficient payment solutions continues to grow,” Tjipuka said. “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.”

He noted that China’s economic footprint in Namibia continues to expand across mining, infrastructure, energy, manufacturing and trade, making seamless payment capability increasingly important.
Socrates Dias, Head of Transaction Banking at Standard Bank Namibia, said the new capability shortens settlement cycles, helps businesses manage cash flow with greater certainty, and delivers cost efficiencies 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,” Dias said. “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.”

Dias outlined three pillars underpinning the business case for CIPS: client value through improved settlement times and lower costs; corridor growth by supporting trade and investment between Namibia and China; and operational resilience through diversified payment routes.

Chinese Ambassador to Namibia, His Excellency Zhao Weiping, welcomed the launch as an important step in deepening economic ties.

“The introduction of CIPS capability in Namibia marks a significant advancement in strengthening financial connectivity between Namibia, China and the broader global economy,” he said. “It creates a new bridge connecting Namibia to China’s payment ecosystem and supports stronger trade, investment and economic cooperation between our countries.”
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Ambassador Zhao noted that approximately 17% of Standard Bank Namibia’s cross-border payments are directed to China, highlighting the importance of the trade corridor and the growing adoption of RMB settlement.

Mr Li Li, Chief Representative of ICBC’s Africa Representative Office, said the bank’s strategic partnership with Standard Bank underpins the Namibia launch. ICBC has provided more than USD 28 billion in loan support to over 130 key projects across Africa.

At the end of 2025, it supported Standard Bank South Africa in becoming a direct overseas participant in CIPS, after which the People’s Bank of China authorised ICBC and Standard Bank to jointly serve as the Renminbi Clearing Bank of Africa.

Nelson Lucas, Executive for Corporate and Investment Banking at Standard Bank Namibia, said the launch places Namibia on a proven continental payment network already facilitating significant trade flows 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,” Lucas said. “Today, Namibia joins that network, giving our clients direct access to a payment solution designed to support growing trade and investment with China.”