Stanbic IBTC Introduces Direct Naira-to-Yuan Payments to Simplify Trade Between Nigeria and China

Nigerian businesses importing goods from China could benefit from faster international payments following the introduction of a new cross-border payment service by Stanbic IBTC Bank.

The bank has launched a payment solution that allows eligible Nigerian businesses to initiate transactions in naira while facilitating settlement in Chinese yuan, also known as renminbi.

The initiative aims to reduce delays, streamline currency conversion and improve the efficiency of financial transactions between Nigeria and China.

According to Punch Newspapers, the platform was unveiled in Lagos on Monday, November 9, 2026.

How the New Payment System Works

The service connects Nigerian businesses to China’s Cross-border Interbank Payment System, commonly known as CIPS.

Stanbic IBTC is providing access through its parent company, Standard Bank Group, which participates directly in the Chinese payment infrastructure.

Traditionally, many international transactions involve multiple correspondent banks and intermediary currencies.

These arrangements can increase transaction costs and extend processing times.

The new service is designed to provide a more direct settlement route for businesses making payments to Chinese suppliers.

Stanbic IBTC’s Head of Transaction Banking, Jesuseun Fatoyinbo, explained that conventional international payment processes can take between 48 and 72 hours.

Transactions processed through the new CIPS arrangement could be completed within 24 hours, depending on applicable processing conditions.

A Potential Boost for Nigerian Importers

China remains an important source of manufactured goods, industrial machinery, electronics and other products imported into Nigeria.

For Nigerian businesses, paying international suppliers is an essential part of maintaining inventories and managing supply chains.

A more efficient payment arrangement could help importers reduce transaction delays and improve the predictability of supplier payments.

Manufacturing companies importing machinery and industrial components may also benefit from more streamlined settlement processes.

However, transaction fees, exchange rates and bank-specific requirements will determine the actual financial benefits available to customers.

The service does not eliminate currency conversion or guarantee protection against exchange-rate fluctuations.

Supporting Nigeria–China Trade Relations

Stanbic IBTC Chief Executive Officer Wole Adeniyi described the platform as part of the bank’s efforts to strengthen commercial relationships between Nigeria and China.

The launch also received support from representatives of the Central Bank of Nigeria.

Aderinola Shonekan, Director of the CBN’s Trade and Exchange Department, described the development as an important contribution to Nigeria’s international payment infrastructure.

The initiative aligns with broader efforts to diversify trade settlement options and improve the efficiency of cross-border financial services.

What This Means for Nigerian Entrepreneurs

For small and medium-sized businesses, international payment delays can affect delivery schedules and relationships with foreign suppliers.

Faster settlement may make it easier for importers to coordinate purchases, manage inventory and meet agreed payment timelines.

Businesses that frequently transact with Chinese suppliers may wish to compare the new service with their existing payment arrangements.

Important considerations include transaction costs, documentation requirements, exchange rates and settlement times.

The Bigger Picture

Stanbic IBTC’s introduction of direct naira-to-yuan payment capabilities represents a significant development in Nigeria’s financial services sector.

As international trade becomes increasingly interconnected, efficient payment infrastructure can support stronger commercial relationships.

The long-term value of the platform will depend on adoption by businesses, competitive pricing and reliable transaction processing.

If effectively implemented, the service could help Nigerian companies manage cross-border payments more efficiently and strengthen trade relationships with China.