Standard Bank Opens New Payment Channel Between Namibia and China
By TUW
Businesses in Namibia with commercial links to China are set to benefit from a new payment option following Standard Bank Namibia’s introduction of direct access to China’s Cross-Border Interbank Payment System (CIPS).
The system, launched in Windhoek on Monday, allows eligible clients to process renminbi (RMB) transactions through China’s international payment infrastructure. It is designed to make cross-border settlements more efficient while reducing the need for multiple intermediary banks.
Standard Bank Namibia CEO Erwin Tjipuka said the move responds to the growing importance of China in Namibia’s economy, particularly in mining, infrastructure, energy, manufacturing and trade.
The bank said the service could also help small and medium-sized businesses by improving payment speed, transparency and traceability, while potentially lowering transaction costs and currency-related risks.
Chinese Ambassador to Namibia Zhao Weiping described the development as an important step in strengthening financial ties between the two countries. He noted that China accounts for about 17% of Standard Bank’s cross-border payments.
The Namibian launch follows Standard Bank Group’s authorisation to participate directly in CIPS in 2025. The group also partnered with China’s Industrial and Commercial Bank of China (ICBC) to support RMB clearing across Africa.
ICBC representative Li Li said the latest development further expands cooperation between the two banking groups and could contribute to the growth of Namibia’s RMB market.
With China remaining a major trading and investment partner for Namibia, the new payment channel is expected to provide businesses with a more streamlined way of conducting transactions between the two markets.
