Stanbic Bank Uganda has launched a new cross-border payment solution that will allow Ugandan businesses to make faster, safer and more efficient payments in Chinese Yuan (RMB), becoming the first financial institution in the country to integrate with China’s Cross-Border Interbank Payment System (CIPS).
The new system is expected to simplify trade between Uganda and China by reducing dependence on intermediary currencies, lowering foreign exchange risks and improving settlement efficiency for businesses engaged in one of Uganda’s largest trading relationships.
Uganda imported goods worth approximately US$3.3 billion from China in 2025, while exports to China stood at about US$118 million, highlighting the importance of efficient payment channels to support growing commercial ties between the two countries.
The platform was unveiled during the inaugural Stanbic–China Trade Forum held in Kampala on Tuesday, where Minister of State for Industry David Bahati said the initiative addresses key challenges that have affected Uganda-China trade, including payment delays and data management gaps.
“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 China’s official clearing and settlement infrastructure for cross-border transactions conducted in RMB.
Andrew Mashanda, Standard Bank Group’s Head of Business and Commercial Banking for Africa Regions and Offshore, said the development reflects the bank’s commitment to supporting Africa’s economic growth through stronger trade and investment partnerships.
“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 position as a gateway to East Africa creates opportunities for deeper collaboration with Chinese investors and businesses.
Stanbic Bank Uganda Chief Executive Mumba Kalifungwa said the integration of CIPS into Uganda’s financial ecosystem represents a major milestone in modernising trade facilitation.
“The system will give Ugandan businesses a competitive edge and significantly contribute to government’s efforts to grow the economy ten times to reach US$500 billion by 2040,” Kalifungwa said.
He noted that direct RMB settlements through CIPS would help businesses reduce foreign exchange volatility, speed up transactions and strengthen relationships between Ugandan traders and Chinese suppliers.
Beyond the payment system, Ugandan businesses importing from China will also benefit from Stanbic Bank’s partnership with Guomao, a platform connecting local businesses to one of Beijing’s leading trading districts to expand sourcing opportunities and access new markets.
The initiative comes as Uganda continues efforts to strengthen international trade links, promote industrialisation and increase private sector participation in economic growth.
