Standard Bank Namibia has launched its Cross-Border Interbank Payment System (CIPS) capability, becoming the first bank in Namibia to give clients direct access to China’s international payment system.
Launched on Monday in Windhoek, the CIPS is expected to strengthen financial connectivity between Namibia and China by enabling faster, more efficient and cost-effective cross-border payments for businesses trading and investing between the two countries.
The development follows Standard Bank Group becoming the first African bank authorised to participate in CIPS in November 2025.
The group also 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.
The new capability will reduce reliance on traditional correspondent banking arrangements for eligible RMB transactions. Payments can also be processed more efficiently while improving transparency and traceability and potentially reducing costs for businesses trading with Chinese suppliers, customers and investment partners.
CIPS is China’s international payment infrastructure for clearing and settling cross-border transactions in RMB, China’s official currency.
Speaking at the launch, Standard Bank Namibia chief executive Erwin Tjipuka said CIPS will support Namibia’s economic growth by providing world-class payment infrastructure.
“China is one of Namibia’s most important trading partners, and the demand for efficient payment solutions continues to grow. Bringing CIPS to Namibia means giving clients faster settlement, fewer intermediaries and reduced currency risk,” he said.
He said China’s growing role in mining, infrastructure, energy, manufacturing and trade makes efficient cross-border payments increasingly important.
Standard Bank Namibia executive Socrates Dias says CIPS will benefit small and medium enterprises and entrepreneurs who trade with suppliers and partners in China.
Chinese ambassador to Namibia Zhao Weiping says the launch is a significant step in strengthening financial connectivity between Namibia, China and the global economy.
He says about 17% of Standard Bank’s cross-border payments are directed to China, highlighting the importance of the trade corridor and growing use of the RMB for settlements.
ICBC chief representative Li Li says the launch builds on the strategic partnership between ICBC and Standard Bank.
He says ICBC has supported more than 130 projects across Africa with over US$28 billion in loans and has worked with Standard Bank to expand CIPS participation and renminbi clearing on the continent.
“The launch by Standard Bank is another important step in deepening our renminbi business cooperation, and we look forward to supporting the continued growth of Namibia’s renminbi market,” Li said.
Standard Bank Group corporate and investment banking executive Nelson Lucas says the launch places Namibia on a proven continental payment network facilitating growing trade between Africa and China.
