CIPS would let the South African lender process Chinese-currency transactions more directly as trade with China—Africa’s biggest trading partner—continues to grow.
The move would position Absa to capture more cross-border payment flows tied to China-Africa commerce and deepen its role in yuan-based trade finance.
Will China's payment system offer African nations a genuine shield from the impact of US financial sanctions and market volatility?
Could the rise of rival payment systems ultimately lead to a more fragmented and expensive future for global commerce?