Amanze Chinonye
Bank of Kigali has joined China’s Cross-Border Interbank Payment System (CIPS) as a direct participant, giving Rwandan businesses a more direct channel for renminbi (RMB) payments as trade with China expands.
The move makes Bank of Kigali the first bank in Rwanda and the first bank headquartered in East and Central Africa to participate directly in CIPS, the Chinese clearing and settlement system for cross-border renminbi (RMB) transactions. The agreement was signed on Sept. 8 in Xiamen, China, during the second CIPS Cross-Border Bank-Enterprise Cooperation Event.
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Bank of Kigali said the connection would make payments between Rwanda and China faster and more direct by reducing the number of intermediaries involved in some transactions. That could ease settlement for Rwandan importers paying Chinese suppliers and exporters receiving payments from Chinese buyers, although the actual savings will depend on individual transactions.
China is Rwanda’s largest source of imports and a major export market. Rwanda imported $355.5 million worth of goods from China in the first quarter of 2026, while exports to China were valued at about $95 million, according to the National Institute of Statistics of Rwanda. Trade includes Chinese manufactured goods and Rwandan agricultural and mineral products.
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CIPS, established in 2015 under the oversight of the People’s Bank of China, provides clearing and settlement for cross-border renminbi transactions. It is different from SWIFT, which primarily provides financial messaging, and the two systems can operate alongside each other.
Bank of Kigali’s participation therefore provides an additional settlement route for RMB transactions rather than replacing conventional international payment channels.
The connection strengthens Bank of Kigali’s capacity to serve companies involved in China-related trade and investment and gives Rwandan businesses more direct access to China’s renminbi payment infrastructure.
Its broader economic impact will depend on the extent to which businesses adopt RMB settlement and whether direct CIPS access results in lower transaction costs and faster processing.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
