Bank of Kigali has become the first bank in Rwanda and the first bank headquartered in East and Central Africa to join China’s Cross Border Interbank Payment System as a direct participant, strengthening the financial connection between Rwanda and China, Bloomberg reports. The agreement, signed on September 8 in Xiamen, gives the Rwandan lender direct access to CIPS, China’s international payment infrastructure for renminbi transactions, allowing eligible cross border payments to move more directly without relying on intermediary banks in other countries. Bank of Kigali said the connection will make payments between Rwanda and China “simpler, faster and more connected.”
The development comes as China strengthens its position as Rwanda’s largest trading partner. Data from Rwanda’s National Institute of Statistics showed that China accounted for 26.7% of Rwanda’s imports in the first quarter of 2026, worth about $355.5 million, while China represented 25.8% of Rwanda’s domestic exports, valued at nearly $95 million. Rwandan exports to China include coffee, tea, chilli and minerals, while Chinese businesses supply a wide range of manufactured goods and infrastructure inputs. The new payment link could reduce transaction friction for Rwandan importers and exporters by creating a more direct route for renminbi settlement.
Bank of Kigali’s move forms part of a broader expansion of yuan based financial infrastructure across Africa as China Africa trade grows. Reuters reported in June that China Africa trade increased by nearly 18% in 2025, while China’s removal of tariffs for most African countries is expected to support further trade growth and greater use of the renminbi in cross border settlements. Standard Bank, meanwhile, became the first African based bank authorised to clear renminbi transactions and is now positioned to provide RMB clearing across 19 African countries. Bank of Kigali’s direct CIPS participation therefore adds another African banking gateway into China’s financial system, potentially supporting trade, investment and more efficient payments as commercial ties between the two markets deepen.
