KAMPALA – Stanbic Bank Uganda has become the first financial institution in the country to integrate with China’s Cross-Border Interbank Payment System (CIPS), a move expected to transform trade between Uganda and China by enabling businesses to make direct, faster and more secure payments in Chinese Yuan (RMB).
The milestone was announced during the inaugural Stanbic–China Trade Forum held in Kampala on Tuesday, where government officials and business leaders hailed the initiative as a major step toward strengthening commercial ties between the two countries.
The new payment system allows Ugandan businesses to settle transactions directly in Chinese Yuan, reducing reliance on intermediary currencies such as the US dollar. This is expected to lower foreign exchange risks, reduce transaction costs and speed up cross-border payments.
According to trade figures, Uganda imported goods worth USD 3.3 billion from China in 2025, while exports to China stood at USD 118 million. Stanbic Bank believes the new platform will make it easier for Ugandan exporters to access Chinese markets while helping importers conduct business more efficiently.
Speaking at the launch, the Minister of State for Industry, David Bahati, said the introduction of CIPS addresses long-standing payment and settlement challenges that have hindered trade between Uganda and China.
“China is one of Uganda’s most significant bilateral partners. This solution removes key bottlenecks and opens practical pathways for deeper industrial and commercial collaboration,” Bahati said.
Launched globally by the People’s Bank of China in 2015, CIPS serves as the official clearing and settlement infrastructure for cross-border transactions conducted in Chinese Yuan.
Andrew Mashanda, Standard Bank Group’s Head of Business and Commercial Banking for Africa Regions and Offshore, said the integration aligns with the group’s broader strategy of supporting Africa’s economic growth through increased trade and investment.
“Africa–China trade has been a key driver of growth across the continent. The next chapter will be defined not just by trade volumes, but by what we build together—manufacturing capacity, value addition and infrastructure,” Mashanda said.
He added that Uganda’s strategic location makes it an important gateway to the East African market, creating significant opportunities for Chinese investors and businesses seeking regional expansion.
Stanbic Bank Uganda Chief Executive Mumba Kalifungwa described the launch of CIPS in Uganda as a major milestone in modernising trade facilitation and strengthening the country’s international payment infrastructure.
“The system will give Ugandan businesses a competitive edge and significantly contribute to government’s ambition of growing the economy tenfold to reach USD 500 billion by 2040,” Kalifungwa said.
He noted that direct settlement in Chinese Yuan will reduce foreign exchange volatility, accelerate payment processing and strengthen commercial relationships between Ugandan and Chinese businesses.
In addition to launching CIPS, Stanbic Bank announced a partnership with Guomao, one of Beijing’s leading trading platforms, to help Ugandan importers connect directly with suppliers in one of China’s largest commercial districts. The collaboration is expected to improve sourcing opportunities and expand market access for local businesses.
The bank says the new payment solution underscores its commitment to supporting Uganda’s international trade ambitions by providing innovative financial services that enhance efficiency, reduce costs and promote stronger global business partnerships.
