Stanbic IBTC Launches Naira-to-Yuan Payment Platform to Simplify Nigeria-China Trade +

The new payment channel allows Nigerian businesses to initiate eligible transactions in naira and settle directly in Chinese renminbi, reducing reliance on multiple currency conversions.

November 10, 2026

LAGOS, Nigeria — Stanbic IBTC Bank has launched a cross-border payment platform that allows Nigerian businesses to initiate eligible transactions in naira and settle payments directly in Chinese renminbi, or RMB, in a move aimed at simplifying trade between Nigeria and China.

The platform uses China's Cross-border Interbank Payment System (CIPS), an international clearing and settlement infrastructure for transactions denominated in renminbi. Stanbic IBTC said its connection to the system is supported through its parent, Standard Bank Group, which is a direct participant in CIPS.

The service was launched in Lagos on Monday, with the bank saying it could provide Nigerian businesses with a faster and more direct route for making eligible payments to Chinese suppliers.

Reducing Multiple Currency Conversions

Traditionally, some cross-border transactions between Nigeria and China may involve the conversion of naira into another international currency before a final conversion into Chinese yuan.

Stanbic IBTC said the new arrangement allows businesses to initiate payments in naira while settlements are made directly in RMB, reducing the complexity associated with multiple currency conversions and intermediary banking channels.

The bank said the platform could help reduce transaction delays and provide businesses with greater predictability when making payments to Chinese counterparties.

For Nigerian importers and companies that regularly purchase goods, equipment or services from China, faster settlement could help improve planning and reduce delays in completing international transactions.

Faster Payment Processing

According to Stanbic IBTC, the CIPS platform can reduce the processing time for some cross-border RMB payments from the traditional 48 to 72 hours to about 24 hours.

Jesuseun Fatoyinbo, Stanbic IBTC Bank's Head of Transaction Banking, said the system was designed to provide a more direct route for international RMB clearing and settlement.

The bank described the platform as a faster and potentially more efficient alternative to payment arrangements that depend on multiple intermediary institutions.

However, the actual speed of a transaction may still depend on banking requirements, compliance checks and other operational factors.

Support From the Central Bank

The Central Bank of Nigeria welcomed the launch, describing the development as an important step toward improving trade facilitation and diversifying international payment channels.

Aderinola Shonekan, Director of the CBN's Trade and Exchange Department, said Nigerian importers and entrepreneurs had faced challenges linked to transaction delays, multiple currency conversions and exchange-rate volatility.

The direct payment channel, she said, could help address some of those difficulties by creating a more seamless connection between Nigerian businesses and Chinese payment infrastructure.

Strengthening Nigeria-China Trade

China is one of Nigeria's most important trading partners, supplying machinery, electronics, industrial equipment and a wide range of consumer and manufactured goods.

A more direct payment channel could therefore be significant for Nigerian companies with regular commercial relationships with Chinese suppliers.

The platform also reflects a wider effort by financial institutions and governments to diversify cross-border payment systems and reduce unnecessary dependence on third-party intermediary currencies for international trade.

Stanbic IBTC said its connection to CIPS was made possible through Standard Bank Group's direct participation in China's cross-border payment infrastructure.

Impact Will Depend on Business Adoption

While the platform provides an additional option for settling eligible transactions, its long-term impact will depend on adoption by businesses and the volume of trade conducted through the system.

Costs, foreign-exchange availability and regulatory requirements will also continue to influence how businesses use the new payment channel.

For Nigerian importers and companies trading with China, however, the launch introduces a potentially faster and more direct way of making RMB-denominated payments.

The development could strengthen the financial infrastructure supporting one of Nigeria's most important international trade relationships while giving businesses an alternative route for settling transactions with Chinese partners.