Stanbic Uganda launches direct Yuan payment system to boost trade with China

What the report says

Stanbic Bank Uganda has become the first financial institution in the country to connect to China’s Cross-Border Interbank Payment System (CIPS), according to The Independent Uganda. The bank unveiled the service in Kampala during the inaugural Stanbic–China Trade Forum on August 4, with the aim of allowing Ugandan businesses to settle transactions directly in Chinese Yuan (RMB) rather than through intermediary currencies.

The publisher reported that the new platform is intended to make cross-border payments faster and cheaper, while also reducing foreign exchange exposure for importers and exporters. Stanbic said the change could help local firms lower transaction costs, improve access to Chinese buyers and support wider trade between Uganda and China. The article noted that Uganda imported goods worth US$3.3 billion from China in 2025, compared with exports to China of US$118 million.

At the launch, Minister of State for Industry David Bahati described the system as a response to long-standing payment and data problems affecting trade with China. Standard Bank Group’s Andrew Mashanda said the move fits the group’s broader focus on trade, investment and industrial development across Africa. Stanbic Bank Uganda chief executive Mumba Kalifungwa said direct RMB settlement could strengthen business ties and support Uganda’s long-term growth goals.

The report also said Stanbic is pairing the payment platform with a partnership involving Guomao, which is meant to help Ugandan importers connect with suppliers in Beijing’s trading districts and widen sourcing options.