Tanzania has introduced a direct renminbi settlement service to allow businesses to make and receive payments with Chinese partners in RMB.
Stanbic Bank Tanzania launched the service on Wednesday, aiming to reduce transaction costs and make trade between the two countries more efficient.
Deputy Industry and Trade Minister Dennis Londo said Tanzania’s exports to China increased from $442.96 million in 2024 to $512.6 million in 2025.
Imports also rose from $4.78 billion to $5.64 billion over the same period, highlighting China’s growing importance to Tanzania’s trade.
Londo said direct RMB payments could help importers avoid unnecessary currency conversions while giving exporters an additional payment option.
Tanzania’s Ambassador to China Suleiman Haji Suleiman said the service would reduce transaction costs and improve payment efficiency between the two countries.
He urged Stanbic Bank to expand the service beyond major commercial centers and provide businesses with practical guidance on using RMB.
Such guidance should cover foreign exchange management, documentation and compliance, helping companies use the new payment channel with greater confidence.
Stanbic Bank Tanzania Chief Executive Manzi Rwegasira said the service would give companies a simpler way to conduct business with Chinese partners.
The new system is expected to strengthen economic ties as Tanzania and China expand trade and create more opportunities for businesses.
By bringing the Chinese currency closer to bilateral trade, Tanzania aims to make cross-border commerce simpler, cheaper and more accessible.