China has selected and approved Standard Bank Group and the Industrial and Commercial Bank of China (ICBC) to operate Africa’s first Renminbi (RMB), a move expected to make trade and payments between China and African countries faster and cheaper.
The move aims to expand the use of its currency in international trade and reduce reliance on the US dollar, especially in regions where Chinese investment is dominant. The hub will serve the 19 African markets where Standard Bank operates.
“This new service will provide our clients with transparent, efficient and cost-effective payment solutions between China and Africa, supporting trade and investment between the world’s most dynamic economies,” Richard de Roos, Head of Operations for Corporate and Investment Banking at Standard Bank said.
The partnership will allow businesses and governments in Kenya and across Africa to settle transactions directly in Yuan, streamlining cross border trade with China.
Africa’s trade with China surpassed $280 billion in 2025, making the continent a critical partner in Beijing’s economic expansion.
China remains Kenya’s largest source of imports, with imported good worth Ksh 642.9 billion in 2024 and the exports to China at Ksh 32.8 billion, according to the Kenya National Bureau of Statistics (KEBS).
