The RMB cross-border payment system has been launched in Namibia

Windhoek, August 10 (Xinhua) -- Standard Bank Namibia announced on the 10th that it has officially launched the Chinese yuan cross-border payment system (CIPS) service, becoming the first bank in Namibia to provide this service.

Erwin Chipka, CEO of Standard Bank Namibia Branch, said at the launch ceremony that China is one of Namibia's most important trading partners and the demand for efficient cross-border payment solutions is growing. Introducing CIPS into Namibia can provide customers with faster settlement and lower exchange rate risks, bringing significant competitive advantages to enterprises operating in China.

Chinese Ambassador to Namibia Zhao Weiping said in his speech that China has maintained its position as Namibia's second largest trading partner and largest source of foreign investment for many consecutive years. In 2025, the bilateral trade volume will reach 1.853 billion US dollars, a year-on-year increase of 35.7%, and the foundation of the use of the RMB in China Nepal economic and trade cooperation is becoming increasingly solid.

Zhao Weiping said that as the first bank to introduce CIPS services in China, Standard Bank has provided a more convenient financial channel for economic and trade investment cooperation between the two countries.

In June 2026, the People's Bank of China authorized Standard Bank of South Africa and Industrial and Commercial Bank of China to serve as joint clearing banks for RMB in Africa.