Dar es Salaam, Tanzania – 12 August 2026
Stanbic Bank Tanzania has made a major breakthrough in Tanzania’s international trade and financial services landscape after becoming the first bank in the country to launch Direct Renminbi (RMB/Yuan) Settlement, enabling businesses to pay and receive Chinese currency directly when trading with China.
The new capability allows Tanzanian businesses to settle transactions with Chinese trading partners in Renminbi without first converting funds through the United States dollar, creating a more direct, efficient and potentially cost-effective channel for one of Tanzania’s most important trading relationships.
The service is available in both directions — supporting Tanzanian importers purchasing goods and services from China and exporters receiving payments from Chinese buyers.
A MAJOR STEP FOR TANZANIA–CHINA TRADE
China has been Tanzania’s largest trading partner for ten consecutive years, with bilateral trade reaching close to USD 9 billion in the most recent full year of available data.
Traditionally, many transactions between Tanzanian businesses and their Chinese counterparts have involved the US dollar as an intermediary currency. This can introduce additional foreign exchange conversion costs, currency exposure and processing time.
Direct RMB Settlement is designed to remove that additional layer, giving Tanzanian businesses a more direct route into the Chinese market.
Speaking at the launch, Manzi Rwegasira, Chief Executive of Stanbic Bank Tanzania, said the new service would make it easier for businesses to trade in both directions.
“China is Tanzania’s largest trading partner, and it has held that position for a decade. Direct RMB (YUAN) Settlement gives Tanzanian businesses a simpler, more direct route to trade with China, and it strengthens the economic ties between our two countries.”
The launch also builds on the strength of Standard Bank Group, the parent company of Stanbic Bank Tanzania, which together with the Industrial and Commercial Bank of China (ICBC), became the first African-based banking group authorised by the People’s Bank of China to clear Renminbi transactions across Africa.

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