Kenya and China have stepped up efforts to strengthen bilateral trade and investment following the rollout of Renminbi (RMB) payment services through the China Cross-Border Interbank Payment System (CIPS), a move expected to make cross-border transactions faster, cheaper and more efficient.
Speaking during Stanbic Bank’s 2026 China Day in Nairobi on Friday, Chinese Ambassador to Kenya Guo Haiyan said expanding the use of the Chinese currency in trade and investment would reduce transaction costs, enhance financial connectivity and inject fresh momentum into China-Kenya and China-Africa economic cooperation.
“China-Africa financial cooperation holds vast space for development. We are willing to work with financial institutions and enterprises across China and Africa to expand the use of RMB in bilateral trade and investment, better serve enterprise needs and inject new momentum into China-Kenya cooperation,” she said.
The Ambassador noted that China’s zero-tariff policy for African Least Developed Countries (LDCs), which took effect on May 1, has opened new opportunities for Kenyan exports, including coffee, tea, avocados and flowers, to access the Chinese market.
She welcomed the approval by the People’s Bank of China for Standard Bank and the Industrial and Commercial Bank of China (ICBC) to jointly operate Africa’s first RMB clearing bank, saying the facility would provide Kenya and other African markets with more efficient RMB clearing services.
Haiyan urged financial institutions to expand RMB settlement in trade, strengthen banking partnerships, support small and medium-sized enterprises (SMEs) with financial literacy on RMB transactions and uphold strict compliance with anti-money laundering, tax, customs and data security regulations.
Stanbic Bank Kenya Chief Executive Officer Jonathan Muga said the bank had become the first authorized bank in Africa to process RMB payments through CIPS, significantly strengthening the Kenya-China trade corridor.
“China remains one of Kenya’s largest trading partners and we are committed to making cross-border payments more transparent, efficient and effective for our clients,” Muga said.
He said the partnership between Standard Bank Group and ICBC, now in its 18th year, combines Africa’s largest banking network with one of the world’s largest banks to provide businesses with seamless access to trade and investment opportunities across Africa and China.
Stanbic Bank’s Head of Transaction Banking Caleb Muriuki said businesses would benefit from faster settlement, improved payment visibility, enhanced transaction traceability and reduced reliance on traditional correspondent banking systems.
“For our clients, there will be no disruption to existing banking processes. Payments will continue through current digital platforms while being seamlessly routed through CIPS,” Muriuki said.
He added that Stanbic’s integration into CIPS reinforces the bank’s commitment to supporting businesses seeking to expand across Kenya, China and the wider African market by providing secure and reliable cross-border financial solutions.
The speakers said the new payment infrastructure would strengthen financial connectivity between Africa and China, improve trade efficiency and support deeper economic integration as commercial ties continue to expand.
By Zipporah Odionyi and Lilian Gichohi
