Standard Bank Namibia today officially launched its Cross-Border Interbank Payment System (CIPS) capability, becoming the first bank in Namibia to offer clients direct access to China’s payment infrastructure.
The launch follows Standard Bank Group becoming the first African bank authorised to participate in CIPS in November 2025 and, more recently, the first African-based bank jointly authorised with the Industrial and Commercial Bank of China (ICBC) to clear Renminbi (RMB) transactions across Africa as the Renminbi Clearing Bank of Africa.
The milestone strengthens financial connectivity between Namibia and China, enabling faster, more efficient and cost-effective cross-border payments for businesses trading and investing between the two countries.
The Cross-Border Interbank Payment System (CIPS) is China’s international payment infrastructure designed to clear and settle cross-border RMB transactions. Through Standard Bank Group’s participation in the CIPS network, Standard Bank Namibia can now provide local clients with more direct access to China’s payment ecosystem. By reducing reliance on traditional correspondent banking arrangements for eligible RMB transactions, payments can be processed more efficiently, with greater transparency, improved traceability and potential cost savings for businesses trading with Chinese suppliers, customers and investment partners.
Speaking at the launch, Standard Bank Namibia Chief Executive, Erwin Tjipuka, said the introduction of CIPS reflects the bank’s commitment to supporting Namibia’s economic growth through world-class financial infrastructure.
“China is one of Namibia’s most important trading partners and the demand for efficient payment solutions continues to grow. 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.”
Tjipuka noted that China’s role in Namibia’s economy continues to expand across mining, infrastructure, energy, manufacturing and trade, making seamless payment capability increasingly important for local businesses.
Socrates Dias, Head of Transaction Banking at Standard Bank Namibia, outlined what the new capability means in practice for clients, noting that it shortens the settlement cycle by reducing reliance on traditional correspondent banking arrangements, helps businesses manage cash flow with greater certainty, and improves transparency while delivering cost efficiencies on eligible RMB payments.
“For businesses importing goods from China, exporting into Asian markets, paying suppliers or managing investments linked to China, this capability offers meaningful advantages. Importantly, the benefits extend beyond large corporates – it will also support our SME clients and Namibia’s growing community of entrepreneurs, including the many businesses participating in our ‘Order With Me’ proposition, who rely on efficient access to suppliers and trading partners in China.”
Dias added that the business case for CIPS rests on three pillars: client value, through improved settlement times, greater transparency and lower transaction costs; corridor growth, through stronger support for trade and investment activity between Namibia and China; and operational resilience, through greater diversification of payment routes and enhanced reliability for cross-border transactions.
Delivering the keynote address, His Excellency Zhao Weiping, Ambassador of the People’s Republic of China to Namibia, welcomed the launch as an important step in deepening economic relations between the two countries
“The introduction of CIPS capability in Namibia marks a significant advancement in strengthening financial connectivity between Namibia, China and the broader global economy. It creates a new bridge connecting Namibia to China’s payment ecosystem and supports stronger trade, investment and economic cooperation between our countries.”
The Ambassador highlighted that approximately 17% of Standard Bank Namibia’s cross-border payments are directed to China, underlining the significance of the trade corridor and the growing adoption of RMB settlement by businesses. He noted that the launch creates the financial infrastructure needed to support increasing trade and investment flows between Namibia and China.
Mr Li Li, Chief Representative of the Industrial and Commercial Bank of China (ICBC) Africa Representative Office, said ICBC’s comprehensive strategic partnership with Standard Bank underpins the CIPS launch in Namibia.
“ICBC has been deeply engaged in the African market for many years, and to date has provided more than USD 28 billion in loan support to over 130 key projects across the continent. At the end of 2025, we supported Standard Bank South Africa in becoming a direct overseas participant in CIPS, and the People’s Bank of China has since authorised ICBC and Standard Bank to jointly serve as the Renminbi Clearing Bank of Africa – a historic milestone for the continent. Today’s launch by Standard Bank Namibia is another important step in deepening our Renminbi business cooperation, and we look forward to supporting the continued growth of Namibia’s Renminbi market.”
Nelson Lucas, Executive: Corporate and Investment Banking at Standard Bank Namibia, said the launch places Namibia on a proven continental payment network already facilitating significant trade flows between Africa and China.
“CIPS is not a future concept. It is an established platform already supporting billions of Renminbi in trade flows across Africa. Today, Namibia joins that network, giving our clients direct access to a payment solution designed to support growing trade and investment with China.”
Lucas added that the capability offers significant benefits for importers, exporters and investors by improving efficiency, reducing transaction costs and enhancing transparency in cross-border transactions.
The launch reinforces Standard Bank’s position as a leader in transaction banking and cross-border payments, while supporting greater trade integration between Namibia, China and the broader African continent.