Dar es Salaam, Tanzania, Stanbic Bank Tanzania has taken its direct shilling-to-yuan payment solution to the heart of Kariakoo, bringing international banking services closer to traders and businesses importing goods from China. The initiative seeks to simplify cross-border payments, reduce currency conversion costs and support businesses engaged in Tanzania-China trade.
The activation, attended by the Minister of Industry and Trade, Hon. Judith Salvio Kapinga (MP), comes ahead of the 140th Canton Fair in Guangzhou, one of the world’s major international trade exhibitions.
Stanbic teams moved from shop to shop and warehouse to warehouse, showing importers how to pay a supplier in China in yuan directly from a shilling account, without first buying United States dollars. The service runs through China’s Cross-Border Interbank Payment System (CIPS). When it launched on 12 August 2026, Stanbic became the first bank in Tanzania to offer it.
“Kariakoo is one of Tanzania’s most important commercial centres, connecting thousands of traders to suppliers and markets across the world. As Stanbic, we understand that businesses need financial solutions that make international trade easier, faster and more efficient. By bringing our direct shilling-to-yuan payment solution closer to traders, we are helping them simplify payments to Chinese suppliers, manage transaction costs and focus more on growing their businesses,” said Jonathan Ngoma, Head of Internal Audit, Stanbic Bank Tanzania.
The numbers explain why Kariakoo was the place to be. China has been Tanzania’s largest trading partner for ten consecutive years. Trade between the two countries passed USD 10 billion for the first time in 2025, reaching USD 11.28 billion, and stood at USD 6.48 billion in the first six months of 2026 alone. Much of the electronics, textiles, hardware and household goods behind those figures passes through Kariakoo on its way to customers across Tanzania and its neighbours.
As a member of Standard Bank Group, which maintains a strategic partnership with the Industrial and Commercial Bank of China (ICBC), Stanbic Bank Tanzania draws on an extensive international banking network to support businesses engaged in cross-border trade. Through this relationship, the bank is strengthening financial connections between Tanzania and China, helping local businesses access international payment solutions and pursue opportunities in one of Tanzania’s largest trading markets.
Paying for those goods has long meant two conversions: shillings into dollars, then dollars into yuan, with a margin taken at each step and days of waiting while the money passed between banks. Some traders turned to informal money changers, never fully sure of the rate or that the supplier would be paid.
Speaking during the activation, Asha Mwakalinga, owner of Mwangaza Home Supplies, a business dealing in household goods in Kariakoo, welcomed the initiative, saying it addresses some of the challenges traders face when making payments to suppliers in China.
“When you run a business like ours, most of the goods come from China, so making payments to suppliers is something we deal with regularly. Sometimes the process takes longer than expected, and exchange rates affect how much we spend. Having a solution that allows us to pay directly in yuan from our shilling accounts would make things easier and help us manage our business costs better,” she said.
“Government wants every Tanzanian business, from the largest manufacturer to the trader in Kariakoo, to trade with the world at the lowest possible cost. Every shilling saved on a payment is a shilling that can go back into stock, jobs and growth. I commend Stanbic for leaving the office and coming to where our traders work, and I urge traders to use formal, regulated channels when they pay their suppliers. China has opened its market to some of our goods duty free. Now we must sell to China as much as we buy from it.” Hon. Judith Salvio Kapinga (MP), Minister of Industry and Trade
Eligible payments settle within minutes, subject to normal banking requirements and operating hours. Stanbic is charging no transfer fee on direct yuan payments until 31 December 2026, and the service is open at every Stanbic branch to individual traders, small businesses and large companies alike. Businesses can also fix an exchange rate in advance through a forward contract, protecting their margin between order and payment.
“This route runs both ways. Since 1 May 2026, China has removed tariffs on goods from 53 African countries, Tanzania among them. That is an open door for our sesame, cashew nuts, avocados and coffee. An exporter can now receive yuan straight into a Stanbic account and know exactly what a shipment will earn before it leaves the port. Our job is to make sure Tanzanian businesses sell to China as confidently as they buy from it.” Fatma Ahmed, Head of Enterprise Banking, Stanbic Bank Tanzania
“Stanbic has served Tanzanian businesses for more than three decades, and today we served them on their own street. Tanzania is our home, and we drive her growth,” She added.
