Bank of Kigali became the first bank headquartered in East and Central Africa to gain direct access to China’s Cross-Border Interbank Payment System in a move expected to make renminbi payments between Rwanda and China faster and more direct.
The agreement was signed in Xiamen China on September 8 during the second CIPS Cross-Border Bank-Enterprise Cooperation Event.
CIPS is China’s system for clearing and settling cross-border payments made in renminbi or RMB. Banks participating directly in the system can process RMB transactions without relying on several intermediary institutions.
Bank of Kigali said the arrangement would make payments between Rwanda and China faster and more efficient especially for businesses paying suppliers in China or receiving payments from the Chinese market.
The development came as trade between Rwanda and China continued to grow.
Figures from the National Institute of Statistics of Rwanda showed that China was Rwanda’s leading source of imports in the first quarter of 2026 with goods valued at $355.53 million. China was also Rwanda’s leading destination for domestic exports during the same period.
Rwanda’s exports to China remained significant in the following months with exports valued at $65.21 million in July when China ranked as Rwanda’s second-largest export destination.
Bank of Kigali had already expanded services aimed at facilitating transactions between Rwanda and China.
The bank introduced Alipay transfers in 2022 allowing customers in Rwanda to send money to China. It said nearly $2 million was transferred through the service in 2023.
Bank of Kigali was also working with Bank of Communications China Construction Bank and Bank of China to facilitate transactions between the two countries.
The bank said it planned to increase the number of Chinese partner banks from three to six by the end of 2026.
Bank of Kigali said joining CIPS would strengthen financial links between Rwanda and China and provide businesses with a more direct channel for RMB transactions.
Elie Gatete
RADIOTV10