Staff Writer
Standard Bank Namibia has 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.
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.
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.”
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 supports 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.”
