Stanbic IBTC Launches Direct Naira-Yuan Payment Platform for Nigerian Businesses

Stanbic IBTC Launches Direct Naira-Yuan Payment Platform for Nigerian Businesses

Stanbic IBTC Bank has introduced a cross-border payment platform allowing Nigerian businesses to initiate transactions in naira and settle directly in Chinese yuan. The system connects Nigerian customers to China’s Cross-border Interbank Payment System (CIPS) through parent company Standard Bank Group, which is a direct participant. The bank unveiled the platform in Lagos, with CEO Wole Adeniyi describing it as a step towards faster and more efficient trade between Nigeria and China.

Stanbic IBTC’s Head of Transaction Banking, Jesuseun Fatoyinbo, said transactions that traditionally take 48 to 72 hours could be completed within 24 hours through the platform. By reducing reliance on intermediary banks and multiple currency conversions, the system is expected to lower transaction costs, minimise foreign exchange risks and improve payment certainty for Nigerian importers, manufacturers and other businesses trading with Chinese partners.

The Central Bank of Nigeria welcomed the initiative as a contribution to trade facilitation and currency diversification. Aderinola Shonekan, Director of the CBN’s Trade and Exchange Department, said the platform could address longstanding challenges involving payment delays and settlement risks. The development comes as China remains one of Nigeria’s major trading partners, with substantial commercial ties spanning manufacturing, consumer goods and industrial equipment.