Stanbic IBTC opens direct naira to yuan payment route for Nigerian businesses

Stanbic IBTC Bank has launched a cross-border payment platform that lets Nigerian businesses initiate transactions in naira and settle directly in Chinese yuan. The bank unveiled the service in Lagos on Monday. It says the platform will cut payment delays, currency conversion costs and foreign exchange risks in Nigeria-China trade.

The platform, known as the Cross-border Interbank Payment System, connects Stanbic IBTC customers in Nigeria to China’s renminbi payment infrastructure through its parent, Standard Bank Group. Standard Bank Group is a direct participant in the system, known as CIPS.

How the payment route works

Stanbic IBTC Chief Executive Officer Wole Adeniyi said the arrangement would make cross-border transactions between Nigeria and China faster and more efficient. He said Standard Bank Group’s direct participation in CIPS allowed Stanbic IBTC to extend the service to Nigerian businesses without asking them to navigate multiple intermediary payment channels.

Adeniyi said the initiative formed part of the group’s strategy to strengthen commercial and financial connections between Nigeria and China. He said the platform would help businesses transact more seamlessly in renminbi and improve payment efficiency along the bilateral trade corridor.

Jesuseun Fatoyinbo, Head of Transaction Banking at Stanbic IBTC Bank, 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. He said it reduces the need for multiple banking intermediaries and currency conversions. The system combines clearing and settlement functions, he said, helping to simplify payment processes, reduce transaction costs and improve certainty for businesses.

Who stands to benefit

The platform is expected to benefit Nigerian importers, manufacturers and other companies that regularly pay suppliers and business partners in China. 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.

Aderinola Shonekan, Director of the Trade and Exchange Department at the Central Bank of Nigeria, described the launch as an important development in the country’s trade payment infrastructure. She was represented by Nnenna Ezekannagha, Assistant Director in the department’s Lagos office.

Shonekan said Nigerian businesses had historically faced delays, multiple currency conversions and settlement risks from their reliance on intermediary currencies for international trade. She said integrating Stanbic IBTC into CIPS would address some of those challenges by creating a direct payment channel through which Nigerian businesses could initiate transactions in local currency and settle in renminbi.

She 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.

What it means for Nigerian businesses

For importers and manufacturers paying Chinese suppliers, the promise is a shorter payment cycle and fewer conversion steps. The CBN’s support signals that direct local currency settlement channels fit its trade facilitation and currency diversification agenda.