DAR ES SALAAM, Aug. 12 (Xinhua) -- Stanbic Bank Tanzania, one of Tanzania's leading commercial banks, on Wednesday launched a direct renminbi (RMB) settlement service, allowing Tanzanian businesses trading with China to make and receive payments directly in the Chinese currency, a move expected to reduce transaction costs and facilitate bilateral trade.
Noting that the launch creates opportunities for Tanzanian businesses to participate more effectively in international markets, Tanzanian Deputy Minister for Industry and Trade Dennis Londo said Tanzania's exports to China increased from 442.96 million U.S. dollars in 2024 to 512.6 million dollars in 2025, while imports rose from 4.78 billion dollars to 5.64 billion dollars.
Londo said these figures demonstrated China's importance as a trading partner, and direct RMB settlement could reduce unnecessary currency conversion steps for Tanzanian importers and provide exporters with an additional mechanism for receiving payments from Chinese buyers.
Tanzania's Ambassador to China Suleiman Haji Suleiman said the facility would help reduce transaction costs and improve payment efficiency between the two countries.
He urged Stanbic Bank Tanzania to ensure the service reaches businesses beyond major commercial centers and to provide practical guidance 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. ■