Businesses can initiate payments in naira for settlement in Chinese yuan. The bank says the service could shorten payment times, giving direct importers another option for paying suppliers.
Kosofe business owners buying directly from China have another way to pay their suppliers following Stanbic IBTC’s launch of a service that allows transactions to begin in naira and settle in Chinese yuan.
Unveiled in Lagos on Monday, 9 November 2026, the service connects Nigerian customers to China’s Cross-border Interbank Payment System, CIPS, through Standard Bank Group’s direct participation in the network.
For local businesses ordering machinery, packaging, electronics or solar equipment, the potential benefit is a shorter, more predictable payment process. That could help owners coordinate supplier confirmation and dispatch, although shipping and delivery remain separate stages.
Stanbic IBTC Chief Executive Wole Adeniyi said Standard Bank Group’s participation made it possible to extend the service to Nigerian customers. CIPS clears and settles international payments in renminbi, also known as the yuan.
At the launch, the bank’s Head of Transaction Banking, Jesuseun Fatoyinbo, said payments that conventionally took 48 to 72 hours could be completed within 24 hours through CIPS. That is the bank’s stated capability, rather than a guaranteed completion time for every transaction.
The Central Bank of Nigeria welcomed the rollout as a contribution to trade facilitation and currency diversification.
For a business owner, speed is only part of the calculation. The useful comparison is how much naira must leave the business account for the supplier to receive the full amount invoiced in yuan.
The launch coverage reviewed does not establish a standard customer tariff, minimum transaction amount or complete eligibility checklist. KIO has also not verified a completed payment by a Kosofe business through the service.
Owners considering it should request a written quotation against an actual supplier invoice, showing:
- The total naira payable, including conversion and transaction charges.
- The exact yuan amount the supplier will receive, after any deductions.
- The expected settlement time, required documents and receiving-bank requirements.
- The arrangements for a delayed or returned payment, including applicable charges.
Comparing quotations for the same invoice, obtained close together, would provide a clearer basis for deciding whether the new route improves cost or timing.
Businesses can begin enquiries through Stanbic IBTC’s Enterprise Direct line, 0700 333 3333. They should ask specifically about the CIPS naira-to-renminbi service and request referral to the relevant trade or transaction banking team.
For Kosofe importers, the launch creates a practical opportunity to review how they pay Chinese suppliers. Its value will become clear in the quotation and the completed transaction: the total cost, the amount received and whether payment arrives when promised.
Additional Sources: Launch coverage published by THISDAY on 10 November and PUNCH on 11 November 2026; Stanbic IBTC’s official contact information.