RMB use expands in Africa amid growing financial connectivity, trade

What the report says

China’s renminbi is gaining wider use across Africa as trade, payment systems and financing links with China deepen, according to a Xinhua report published by The Independent Uganda. The article said recent steps include direct RMB settlement services in Tanzania, wider access to China’s Cross-Border Interbank Payment System, or CIPS, in Kenya and Namibia, and RMB clearing arrangements serving parts of the continent.

The report said Stanbic Bank Tanzania began offering direct RMB settlement in August, giving businesses trading with China a way to send and receive payments without first converting into another currency. It also noted that Zambia has allowed RMB payments for mining taxes since October 2025, reflecting how the currency is being used beyond ordinary trade settlement. The piece added that China-Africa trade and investment are helping drive demand for RMB transactions.

To support that demand, the article highlighted expanding financial infrastructure. Stanbic Bank Kenya and Standard Bank Namibia recently launched CIPS services, while China’s central bank authorized Standard Bank of South Africa and Industrial and Commercial Bank of China to act as joint RMB clearing banks for Africa. Bank of China said its RMB business now covers more than 20 African countries.

The report also pointed to growing interest in RMB financing. Kenya plans to explore panda bonds, following earlier African issuances by Egypt and the African Export-Import Bank. The broader significance is that the RMB is moving from a trade-settlement tool toward a larger role in payments, clearing and funding, though the report described this as a gradual, long-term process.