Standard Bank Becomes First African Bank Authorised to Clear Chinese RMB

Standard Bank, the biggest bank in Africa by assets, and the Industrial and Commercial Bank of China Limited (ICBC) have been jointly authorised by the People’s Bank of China (PBoC) to clear Renminbi (RMB) in Africa. Standard Bank is the first African based bank to receive this authorisation. In November 2025, the bank also became the first on the continent to be authorised to participate in China’s Cross-Border Interbank Payment System (CIPS).