Bank of Kigali, Rwanda’s largest commercial bank, has become the first Rwandan lender to join China’s Cross-border Interbank Payment System (CIPS). With the move, the bank can settle transactions directly in yuan, thereby reducing reliance on the US dollar for trade with China. The development follows a similar move by South Africa’s Standard Bank Group, Africa’s largest bank by assets, which became the continent’s first direct CIPS participant in November 2025 and had facilitated more than $1.2 billion in transactions by July. Two other banks, Absa and Ecobank, are exploring direct yuan payment options for clients. The shift reflects broader efforts by African governments and banks to diversify trade settlement currencies as China expands its role in infrastructure, energy, and mining across the continent.