WINDHOEK, Aug. 10 (Xinhua) -- Standard Bank Namibia on Monday launched China's Cross-Border Interbank Payment System (CIPS), becoming the first bank in the country to offer the service in a move to facilitate direct Chinese currency renminbi (RMB) transactions and promote bilateral trade and investment.
CIPS is a payment system that provides clearing and settlement services for cross-border RMB payments and trade. Standard Bank Namibia said the service could reduce settlement processing times to about 35 minutes, while lowering transaction costs and reducing reliance on intermediary currencies.
Standard Bank Namibia Chief Executive Officer Erwin Tjipuka said that demand for efficient cross-border payment solutions is growing, with China remaining one of Namibia's most important trading partners.
"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 said.
Chinese Ambassador to Namibia Zhao Weiping welcomed the launch as an important step in deepening economic and trade cooperation between the two countries.
Approximately 17 percent of Namibia's cross-border payments are currently directed to China, with nearly one-third of those payments already being settled in RMB, Zhao said. "This shows that the foundation for the use of RMB in China-Namibia economic and trade cooperation is becoming increasingly solid."
Zhao also noted that China has remained Namibia's second-largest trading partner and largest source of foreign direct investment for several consecutive years.
He added that the launch came amid deepening bilateral cooperation following Namibian President Netumbo Nandi-Ndaitwah's state visit to China in July, during which the two countries signed several economic and trade cooperation documents.
In November 2025, Standard Bank Group became the first on the African continent to be authorized to participate in the CIPS.
In June, the People's Bank of China jointly authorized Standard Bank Group and ICBC to clear RMB transactions in 19 African countries, with the two banks operating as the "Renminbi Clearing Bank of Africa."
A single purchase
