Bank of Kigali has become the first bank 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 financial links between Rwanda and China.
The milestone is expected to facilitate more direct cross-border payments in Renminbi (RMB), China’s currency, as trade and investment ties between the two countries continue to expand.
The CIPS Direct Participation Agreement was signed on 8 September 2026 in Xiamen, China, during the second CIPS Cross-Border Bank-Enterprise Cooperation Event, held alongside the China International Fair for Investment and Trade.
CIPS said the event included the signing of direct-participant agreements with 11 foreign banks, while several overseas and domestic banks also formally went live as direct participants. Rwanda was among six countries whose financial institutions were connected to CIPS as direct participants for the first time.
CIPS is China’s infrastructure for cross-border Renminbi payments and clearing. As of the end of August 2026, the system had 1,853 participants, including 211 direct participants and 1,642 indirect participants, with banking institutions in 192 countries and regions processing cross-border payment business through the network.
For Rwanda, Bank of Kigali’s direct participation provides a new channel for financial transactions connected to China, potentially making RMB payments more direct and reducing some of the intermediaries involved in cross-border transactions.
The development follows Bank of Kigali’s efforts to deepen services for Chinese businesses operating in Rwanda. In August 2026, the bank said it was working toward becoming Rwanda’s first direct participant in CIPS as it sought to expand cross-border payment and trade-finance services for the Chinese business community.
The move also builds on Bank of Kigali’s broader expansion into cross-border payment infrastructure. In 2025, the bank became the first bank in East Africa to integrate with the Pan-African Payment and Settlement System (PAPSS), enabling customers to send and receive payments across participating African markets.
Bank of Kigali’s entry into CIPS therefore adds a China-focused payment channel to its growing cross-border banking capabilities, strengthening the financial infrastructure supporting trade and investment between Rwanda and China.
The development comes as Rwanda and China continue to strengthen economic ties, with financial connectivity playing an increasingly important role in facilitating business between the two markets.
