Stanbic IBTC Bank has introduced a cross-border payment platform that allows Nigerian businesses to initiate transactions in naira and settle directly in Chinese yuan, in a move aimed at reducing payment delays, currency conversion costs and foreign exchange risks in trade between both countries.
The platform, known as the Cross-border Interbank Payment System, connects the bank’s Nigerian customers to China’s renminbi payment infrastructure through its parent, Standard Bank Group, which is a direct participant in the system.
The bank unveiled the platform in Lagos on Monday, with its Chief Executive Officer, Wole Adeniyi, saying the arrangement would make cross-border transactions between Nigeria and China faster and more efficient.
Adeniyi said Standard Bank Group’s direct participation in China’s CIPS enabled Stanbic IBTC to extend the service to Nigerian businesses without requiring them to navigate multiple intermediary payment channels.
He said the initiative formed part of the group’s strategy to strengthen commercial and financial connections between Nigeria and China.
According to him, the platform would help businesses transact more seamlessly in renminbi while improving the efficiency of payments along the bilateral trade corridor.
Also speaking at the launch, Head of Transaction Banking at Stanbic IBTC Bank, Jesuseun Fatoyinbo, said the platform provides a dedicated clearing and settlement channel for international renminbi payments.
He explained that conventional cross-border payment routes could take between 48 and 72 hours, while transactions through CIPS could be completed within 24 hours.
Fatoyinbo described the platform as a direct payment route into China, reducing the need for multiple banking intermediaries and currency conversions.
He said the system combines clearing and settlement functions, helping to simplify payment processes, reduce transaction costs and improve certainty for businesses.
The platform is expected to benefit Nigerian importers, manufacturers and other companies that regularly make payments to suppliers and business partners in China.
Director of the Trade and Exchange Department at the Central Bank of Nigeria, Aderinola Shonekan, described the launch as an important development in the country’s trade payment infrastructure.
Represented by Assistant Director in the department’s Lagos office, Nnenna Ezekannagha, the CBN official said Nigerian businesses had historically faced delays, multiple currency conversions and settlement risks arising from their reliance on intermediary currencies for international trade.
She said the integration of Stanbic IBTC into CIPS would address some of these challenges by creating a direct payment channel through which Nigerian businesses could initiate transactions in local currency and settle in renminbi.
Shonekan described the initiative as a private sector contribution to the CBN’s trade facilitation and currency diversification policies.
She also reaffirmed the regulator’s commitment to supporting financial innovations that improve trade infrastructure, promote financial inclusion and safeguard banking stability.
China is one of Nigeria’s major trading partners, with businesses in both countries maintaining substantial commercial relationships across manufacturing, consumer goods, industrial equipment and other sectors.
