Bank of Kigali Becomes First East African Direct Participant in China’s CIPS Network

Bank of Kigali joins China’s Cross‑Border Interbank Payment System, giving Rwandan firms a direct yuan‑clearing route that could cut costs and speed settlements.

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Bank of Kigali signed an agreement on 8 September in Xiamen, China, to join the Cross‑Border Interbank Payment System (CIPS) as a direct participant, becoming the first bank headquartered in East and Central Africa to do so.

The participation gives the bank’s customers a direct link to China’s renminbi clearing infrastructure, allowing yuan payments to move with fewer intermediary banks.

CIPS will operate alongside existing SWIFT channels; the new link does not replace SWIFT but adds a parallel clearing and settlement route for yuan transactions.

China’s trade share with Rwanda

China accounted for 26.7 % of Rwanda’s imports in the first quarter of 2026, valued at about $355.5 million, and 25.8 % of its exports, highlighting the importance of smoother yuan payments for bilateral trade.

Potential benefits for Rwandan businesses

The longer‑term advantage will depend on how widely businesses adopt yuan payments and the share of that activity captured by Bank of Kigali.

Future expansion plans

Bank of Kigali aims to expand its network of Chinese banking partners to six by the end of 2026, building on existing relationships with Bank of Communications, China Construction Bank and Bank of China.

The bank previously introduced Alipay transfers in 2022, with nearly $2 million sent to China through the service in 2023, indicating growing demand for Chinese‑linked payment options.