Stanbic Uganda launches direct Yuan payment system to boost trade with China

Kampala, August 7, 2026 - Stanbic Bank’s Chief Executive, Mumba Kalifungwa during the launch of CIPS at the inaugural Stanbic-China Trade Forum on Tuesday Stanbic Bank Uganda has become the first financial institution in the country to integrate with China’s Cross-Border Interbank Payment System (CIPS), a move expected to simplify cross-border transactions, reduce foreign exchange risks and strengthen trade between Uganda and China. The new payment platform enables Ugandan businesses to make direct settlements in Chinese Yuan (RMB), eliminating the need for intermediary currencies and improving the speed and efficiency of international payments.

The launch comes as trade between the two countries continues to grow. Uganda imported goods worth US$3.3 billion from China in 2025, while exports to the Asian nation stood at US$118 million.

The bank says the new platform will lower transaction costs for importers while making it easier for Ugandan exporters to access Chinese buyers. The payment system was unveiled during the inaugural Stanbic-China Trade Forum held in Kampala on August 4.

Speaking at the event, the Minister of State for Industry, David Bahati, described the platform as a timely solution to long-standing payment and data challenges that have affected trade between Uganda and China. “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.