GCB Bank: UnionPay RMB Direct Settlement Launched for Ghana-China Trade

• GCB Bank PLC has partnered with UnionPay International to issue new debit and prepaid cards.
• These cards will enable direct payments and settlement in Chinese Renminbi (RMB) for the first time for UnionPay.
• The initiative supports the growing bilateral trade between Ghana and China, which reached US$14.1 billion in 2025.
• The partnership aims to streamline payment processes for Ghanaian businesses engaged in commerce with China.
• This direct settlement mechanism is expected to reduce foreign exchange conversion costs for users.

This new mechanism is poised to streamline payment processes for Ghanaian businesses engaged in commerce with China, potentially leading to significant reductions in foreign exchange conversion costs.

GCB Bank PLC, recognized as Ghana's largest financial institution, has forged a strategic alliance with UnionPay International. This collaboration is set to introduce UnionPay-branded debit and prepaid cards, specifically designed to empower customers with the ability to conduct transactions and make payments directly in Chinese Renminbi (RMB). This innovative step represents a significant advancement in facilitating financial interactions between the two nations, offering a direct pathway for GCB Bank UnionPay RMB direct settlement.

The formal announcement of this pivotal partnership took place at UnionPay International's headquarters located in Shanghai, China, with key representatives from the Bank of Ghana in attendance, underscoring the initiative's national importance. Crucially, this development marks a landmark achievement for UnionPay, as it represents their very first RMB payment card designed to utilize the Chinese currency directly for both clearing and settlement processes, establishing a direct channel for Ghanaian businesses China payments.

This financial innovation emerges against a backdrop of rapidly expanding trade and travel between Ghana and China. The economic ties between these two countries have demonstrated robust growth, with bilateral trade volumes projected to reach an impressive US$14.1 billion in 2025. This figure signifies a substantial 19.3% increase compared to the preceding year, highlighting the accelerating pace of economic engagement and the increasing demand for efficient Ghana China trade payments.

China consistently maintains its position as Ghana's most significant trading partner, a relationship that underpins a vast array of commercial activities. Furthermore, business travel constitutes a considerable proportion of international visits to Ghana, indicating a persistent need for efficient and direct payment solutions for individuals and entities engaged in cross-border commerce. The introduction of UnionPay Ghana RMB cards directly addresses this growing demand.

The establishment of this direct RMB payment and settlement channel through the GCB Bank UnionPay RMB direct settlement is expected to yield substantial benefits for businesses and individuals alike. For Ghanaian businesses trading with China, this new mechanism is poised to streamline payment processes, potentially leading to significant reductions in foreign exchange conversion costs that typically arise from multi-currency transactions. This direct approach bypasses the need for intermediate currency conversions, offering greater efficiency and cost savings in international transactions.

From a legal and practical standpoint, this development carries important implications for companies involved in Ghana China trade payments. Legal counsel advising clients on international transactions should inform them about this new direct settlement option, as it could influence contractual payment terms, treasury management strategies, and overall financial planning for cross-border dealings. The presence of Bank of Ghana representatives at the announcement also signals regulatory support for this streamlined approach to international payments, potentially impacting how Ghanaian businesses manage their China-related financial flows and facilitating Bank of Ghana RMB clearing.

This partnership introduces a direct RMB payment and settlement channel for Ghanaian businesses trading with China. Lawyers advising clients in Ghana-China trade should inform them about this new mechanism, which could streamline payment processes, reduce foreign exchange conversion costs, and impact contractual payment terms and treasury strategies for international transactions.

Source: Original reporting via Ghanaian Times