Stanbic Bank Tanzania has launched a direct renminbi settlement service in Dar es Salaam, letting businesses trading with China pay and receive in Chinese currency. The move should cut transaction costs and ease bilateral trade.
Tanzanian Deputy Minister for Industry and Trade Dennis Londo said the launch opens the door for local businesses to compete more effectively in international markets. Exports to China rose from 442.96 million U.S. dollars in 2024 to 512.6 million dollars in 2025, he noted, while imports climbed from 4.78 billion to 5.64 billion dollars.
Those numbers show China’s weight as a trading partner, Londo said. Direct RMB settlement strips out conversion steps for importers and gives exporters another way to collect payment from Chinese buyers.
Tanzania’s Ambassador to China Suleiman Haji Suleiman said the facility would lower costs and speed up payments between the two countries. He urged the bank to take the service beyond the main commercial centres and to guide businesses on RMB transactions, foreign exchange management, documentation and compliance.
Manzi Rwegasira, chief executive officer of Stanbic Bank Tanzania, said the service would give Tanzanian businesses a simpler and more direct route to trade with China, strengthening economic ties between the two countries.