Bank of Kigali Joins China’s CIPS Payment System in Regional Banking Milestone

Bank of Kigali has become the first bank headquartered in Rwanda and the first bank headquartered in East and Central Africa to join China’s Cross-Border Interbank Payment System (CIPS) as a direct participant, strengthening the financial connection between Rwanda and China. The agreement was signed on September 8, 2026, in Xiamen, China, during the second CIPS Cross-Border Bank-Enterprise Cooperation Event. CIPS is China’s financial infrastructure for clearing and settling cross-border payments in renminbi (RMB), China’s currency. According to CIPS, Rwanda was among six countries whose finan

Bank of Kigali has become the first bank headquartered in Rwanda and the first bank headquartered in East and Central Africa to join China’s Cross-Border Interbank Payment System (CIPS) as a direct participant, strengthening the financial connection between Rwanda and China. The agreement was signed on September 8, 2026, in Xiamen, China, during the second CIPS Cross-Border Bank-Enterprise Cooperation Event. CIPS is China’s financial infrastructure for clearing and settling cross-border payments in renminbi (RMB), China’s currency. According to CIPS, Rwanda was among six countries whose financial institutions were covered for the first time as foreign direct participants during the September event. For Rwandan businesses trading with China, the new connection could provide a more direct route for RMB payments and reduce the number of intermediary banks involved in some transactions. This could be particularly relevant to companies importing goods from China or exporting Rwandan products to the Chinese market. Bank of Kigali has said the connection will make payments between Rwanda and China faster and more direct. The move does not mean Rwanda or Bank of Kigali is abandoning SWIFT. The two systems perform different functions: SWIFT is primarily a secure messaging network used by financial institutions to exchange payment instructions, while CIPS provides clearing and settlement services for cross-border RMB transactions. The systems can therefore operate alongside each other. The development comes as China remains an important trading partner for Rwanda and as the use of the renminbi in cross-border transactions continues to expand. CIPS reported that, by the end of August 2026, its network had 1,853 participants, including 211 direct participants, with banking institutions from 192 countries and regions processing cross-border payments through the system. For Rwanda, Bank of Kigali’s direct participation creates another channel for financial transactions with China. Its longer-term impact will depend on how widely businesses use RMB payments, as well as the transaction costs, settlement times and services eventually offered to customers.