Bank of Kigali joins Chinese payment platform for yuan settlements

Bank of Kigali: Bank of Kigali is Rwanda's largest commercial bank, offering retail, corporate, and investment banking services across the country. It recently became the first bank headquartered in East and Central Africa to join China's Cross-Border Interbank Payment System (CIPS) as a direct participant. This participation enables direct settlement of transactions in renminbi, reducing reliance on intermediary banks for payments involving China. Payment System: China's CIPS provides a dedicated network for clearing and settling cross-border payments in renminbi. Trade Relations: Rwanda and China are expanding direct financial linkages to support growing bilateral trade and investment flows.