Tanzania's Stanbic Bank Introduces Direct Yuan Settlement for China Trade: Statement
Tanzania's Stanbic Bank Introduces Direct Yuan Settlement for China Trade: Statement
Direct RMB settlement could reduce currency conversion steps for importers and provide exporters with an additional payment mechanism, Deputy Minister for Industry and Trade Dennis Londo said.
China's Growing Role in Tanzania's Trade
Exports to China rose from $442.96 million (2024) to $512.6 million (2025).
Imports from China increased from $4.78 billion to $5.64 billion over the same period.
These figures highlight China's growing importance as a key trading partner for Tanzania, according to Londo.
Tanzania's Ambassador to China, Suleiman Haji Suleiman, has urged Stanbic Bank to go a step further:
-Expand the RMB settlement service beyond major cities;
-Offer training on transactions, foreign exchange, and compliance.
Simpler Trade, Stronger Ties
The service gives Tanzanian businesses a simpler route to trade with China, strengthening economic ties between the two countries, Stanbic CEO Manzi Rwegasira said.
