{"url":"https://newsforagent.com/news/2026-11-10/stanbic-ibtc-cips-naira-renminbi-launch","markdown_url":"https://newsforagent.com/news/2026-11-10/stanbic-ibtc-cips-naira-renminbi-launch.md","title":"Stanbic IBTC Bank Launches Naira-Renminbi CIPS Payments","headline":"Stanbic IBTC Bank Rolls Out CIPS Platform for Direct Naira-Renminbi Settlement","description":"Stanbic IBTC Bank launched a CIPS platform letting Nigerian businesses pay in Naira and settle in Renminbi.","section":"Product Launches","published_at":"2026-11-10T04:52:52+00:00","modified_at":"2026-11-10T04:52:52+00:00","author":"News Desk","key_takeaways":["Stanbic IBTC Bank launched its Cross-border Interbank Payment System in Lagos, letting Nigerian businesses initiate transactions in Naira and settle directly in Renminbi.","Head of Transaction Banking Jesuseun Fatoyinbo said CIPS completes in 24 hours what the traditional rail takes 48 to 72 hours to do.","Central Bank of Nigeria Trade and Exchange Director Aderinola Shonekan called the rollout a landmark development and a private sector response to trade facilitation policy."],"companies":[{"name":"Stanbic IBTC Bank","is_primary":true,"profile_url":null,"website":"http://www.stanbicibtcbank.com"},{"name":"Standard Bank Group","is_primary":false,"profile_url":"https://akta.pro/company-profiles/0000nh6/standard-bank-group","website":"http://www.standardbank.com"}],"source":{"publisher":"THISDAYLIVE","title":"Stanbic IBTC Bank Rolls Out Naira-RMB Direct Payment Platform – THISDAYLIVE","url":"https://www.thisdaylive.com/2026/11/10/stanbic-ibtc-bank-rolls-out-naira-rmb-direct-payment-platform/"},"other_sources":[{"publisher":"Business & Financial","url":"https://menafn.com/1111873679/Whitebit-Expands-Fiat-Access-With-USD-SWIFT-OnOff-Ramp"},{"publisher":"MyJoyOnline","url":"https://www.myjoyonline.com/africa-left-out-as-swift-rolls-out-faster-cross-border-payments-in-17-countries/"}],"tags":["Product Launches","Stanbic IBTC Bank","Standard Bank Group"],"body_markdown":"Stanbic IBTC Bank has launched a Cross-border Interbank Payment System that lets Nigerian businesses initiate transactions in Naira and settle directly in Renminbi, cutting processing times from 48 to 72 hours to 24 hours. [THISDAYLIVE](https://www.thisdaylive.com/2026/11/10/stanbic-ibtc-bank-rolls-out-naira-rmb-direct-payment-platform/) reported that Chief Executive Officer Wole Adeniyi unveiled the platform at a CIPS Go-Live Ceremony in Lagos.\n\n## How Stanbic IBTC's CIPS Settlement Works\n\nAdeniyi attributed the rollout to the bank's group being a direct participant in China's cross-border interbank payment system. \"As a direct participant, we are able to connect and bring this service seamlessly to our clients in Nigeria,\" he said. [Standard Bank Group](https://akta.pro/company-profiles/0000nh6/standard-bank-group) is the parent the bank cites as that direct participant.\n\nJesuseun Fatoyinbo, Head of Transaction Banking at Stanbic IBTC Bank, described CIPS as a purpose-built clearing and settlement rail for international Renminbi payments. \"It is like a direct flight out of Lagos for your payment into China,\" he said. Fatoyinbo said the platform performs both clearing and settlement, and that work taking the traditional rail 48 to 72 hours is done in 24 hours on CIPS.\n\nAderinola Shonekan, Director of the Trade and Exchange Department at the Central Bank of Nigeria, called the rollout a landmark development in a goodwill message delivered on her behalf by Assistant Director Nnenna Ann Ezekannagha. Shonekan said the integration offers a direct financial bridge for Nigerian businesses and described it as a private sector response to the apex bank's trade facilitation and currency diversification policy.\n\n## Stanbic IBTC's Transaction Banking Upgrades\n\nStanbic IBTC Bank upgraded its transaction banking platform to version 9.0 of FinnAxia, a solution from Nucleus Software, PR Newswire reported in August 2026. In October 2026, the bank's Together4ALimb initiative won Campaign of the Year and Best Cause-Related Campaign at the African Marketing Confederation Awards, where the bank was also named Brand of the Year, according to Bizcommunity.\n\n## SWIFT and WhiteBIT Cross-Border Moves\n\nSWIFT launched a Retail Payments Framework with 26 institutions enabling cross-border transfers in seconds across an initial 17 countries, a rollout that excludes Africa, [MyJoyOnline](https://www.myjoyonline.com/africa-left-out-as-swift-rolls-out-faster-cross-border-payments-in-17-countries/) reported on October 31, 2026. WhiteBIT partnered with BCB Group to launch USD deposits and withdrawals via SWIFT for KYB-verified corporate clients, charging a flat 54 USD per transaction and a 0.1% conversion fee, [Business & Financial](https://menafn.com/1111873679/Whitebit-Expands-Fiat-Access-With-USD-SWIFT-OnOff-Ramp) reported on October 27, 2026.\n","publisher":{"name":"News for Agent","url":"https://newsforagent.com"}}