Bank of Kigali, Rwanda’s largest commercial bank, has become the first bank in East and Central Africa to directly join China’s CIPS cross-border payment system. The agreement was signed on September 8 in Xiamen, China, during the second CIPS Cross-Border Bank-Enterprise Cooperation Event. CIPS, launched in 2015 by the People’s Bank of China, enables direct yuan settlements without intermediaries. Direct yuan transactions offer faster processing, lower costs, and fewer points of failure. Rwanda, whose trade with China surged 18 percent the prior year, seeks to avoid the double conversion between the Rwandan franc, the dollar, and the yuan.
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