On September 23, 2026, Stanbic Bank Zambia held a launch event at the InterContinental Hotel in Lusaka for the go-live of its RMB payment capability via the Cross-border Interbank Payment System (CIPS). Li Tie, Chairman of Camco Group and President of the Chinese Chamber of Commerce in Zambia, was invited to attend this grand occasion, engaging in exchanges with representatives from the Zambian government, the Bank of Zambia, the Chinese Embassy in Zambia, local business associations, and major financial institutions on topics including enhancing China-Zambia cross-border payment efficiency and supporting bilateral trade and investment.
The event was co-hosted by Mwindwa Siakalima, Chief Executive of Stanbic Bank Zambia, and Helen Lubamba, Executive Director and Head of Corporate & Investment Banking. Lillian S. Bwalya, Permanent Secretary of Zambia's Ministry of Commerce, Trade and Industry, attended as the guest of honor. Hao Jian, First Secretary of the Economic and Commercial Office of the Chinese Embassy in Zambia, Jack Dumingu, representative of the Payment Systems Department of the Bank of Zambia, Paul Chisunka, Board Trustee of the Zambia Chamber of Commerce and Industry (ZACCI), and Muntanga Lindunda, Chief Executive Officer of the Zambia Association of Manufacturers (ZAM), along with other representatives from government, business, and the financial sector, jointly participated in the launch ceremony.
The event officially announced the go-live of CIPS RMB payment capability in Zambia. CIPS is a wholesale payment system dedicated to RMB cross-border payment and settlement, approved by the People's Bank of China. Leveraging the CIPS channel, Zambia and China can now conduct more direct cross-border RMB receipts and payments, effectively reducing intermediary links in traditional cross-border settlement, enhancing the speed, certainty, and information transparency of cross-border settlement, and helping to lower corporate cross-border transaction costs and optimize corporate cash flow management.
Mwindwa Siakalima, Chief Executive of Stanbic Bank Zambia, stated that the launch of CIPS RMB payment services will solidify the foundation of financial connectivity between Zambia and China, bringing efficient, low-cost, and highly reliable RMB cross-border payment options to market participants. The bank will also leverage trade finance, foreign exchange services, transaction banking, cash management, credit, investment banking, and other diversified businesses to comprehensively empower enterprises in procurement settlement, risk management, and overseas business expansion.
During the roundtable dialogue session, Chairman Li Tie joined guests from various sectors in discussing opportunities for China-Zambia economic and trade cooperation and the practical value of cross-border RMB settlement.
During the event, Chairman Li Tie gave an exclusive interview to the Zambia National Broadcasting Corporation (ZNBC). He stated that the official launch of the CIPS system in Zambia opens a new settlement channel for Chinese-funded enterprises operating in Zambia, better meeting their practical needs for paying domestic suppliers and importing equipment and production materials. It will provide strong financial support for key China-Zambia cooperation areas such as mining, agriculture, manufacturing, energy, and construction infrastructure, further unleashing the vitality of bilateral industrial cooperation.
This participation in a major financial launch event is an important practice of Camco Group's active integration into China-Zambia economic and trade exchanges and its efforts to connect multi-party resources. Camco Group will continue to closely monitor developments in China-Zambia cross-border financial innovation, deepen collaboration with local governments, financial institutions, and business associations, make good use of the development dividends brought by cross-border settlement upgrades, and, rooted in Zambia, cultivate the African market, taking concrete actions to help China-Zambia economic and trade cooperation reach new heights.
