GCB Bank (GSE: GCB) has partnered with UnionPay International to introduce debit and prepaid cards, including a renminbi-denominated prepaid product, as Ghana expands yuan-payment options amid growing trade with China.

The agreement was formalised at UnionPay International’s Shanghai headquarters in the presence of Bank of Ghana representatives, Graphic Online and other Ghanaian media reported on October 26–27.

The proposed cards would support purchases, cash withdrawals and online transactions in China, with the RMB product designed to facilitate direct settlement in Chinese currency.

“For Ghanaian businesses trading with China, making payments should be a straightforward part of doing business,” GCB managing director Farihan Alhassan said.

GCB and UnionPay describe the arrangement as a first for Ghana, although UnionPay already supports RMB payments through other products. GCB has not said when the cards will become available.

State-linked GCB is Ghana’s largest bank, holding 12.37% of industry deposits and 17.8% of loans and advances in 2025, according to PwC Ghana’s 2026 Banking Sector Survey.

The partnership comes as China strengthens its position as Ghana’s largest trading partner. Then Chinese ambassador Tong Defa said in January that bilateral trade rose 19.3% to a record $14.1bn in 2025.

Separate China-reported merchandise data compiled by UN Comtrade show Chinese exports to Ghana of $11.45bn against imports of $2.74bn in 2025, producing a Ghanaian trade deficit of $8.71bn. China sold Ghana about $4.18 worth of goods for every dollar it purchased.

Yuan payments highlight trade imbalance

Ghana imports machinery, vehicles, electronics and other manufactured goods from China, while its exports are concentrated in crude oil and mineral ores.

The imbalance highlights the distinction between making cross-border payments easier and reducing Ghana’s dependence on imported goods.

The proposed cards could simplify travel expenses and smaller procurement transactions while reducing the need for intermediate US dollar conversions.

However, customers funding payments in Ghana cedis would still face exchange-rate costs and potentially conversion margins and transaction fees.

GCB has not disclosed the cards’ pricing, whether they can be funded directly from cedi accounts, their transaction limits or how their costs compare with existing Visa (NYSE: V), Mastercard (NYSE: MA) and bank-transfer services.

Their suitability for high-value commercial payments therefore remains uncertain.

African banks expand yuan settlement

The initiative complements the Bank of Ghana’s efforts to facilitate direct renminbi settlement.

In August, Stanbic Bank Ghana, part of Standard Bank Group (JSE: SBK), introduced renminbi settlement through China’s Cross-Border Interbank Payment System (CIPS), using the group’s clearing infrastructure.

Unlike UnionPay’s card network, CIPS facilitates cross-border settlement between financial institutions.

Standard Bank, which went live on CIPS in November 2025, said in July that it had processed CNY3.39bn ($500mn) in transactions in its first four months.

In June, the People’s Bank of China appointed Standard Bank and Industrial and Commercial Bank of China, which owns 20% of the South African lender, to operate a renminbi clearing arrangement covering 19 African countries.

Governor Johnson Pandit Asiama has said that Stanbic allows eligible importers to initiate payments to Chinese suppliers from cedi accounts, while GCB is developing similar services.

Those arrangements concern broader trade settlement rather than GCB’s newly announced cards.

In October, Ecobank Transnational Incorporated (BRVM: ETIT; GSE: ETI; NGX: ETI) agreed to join CIPS, potentially extending yuan-payment capacity across its 34-market African network, although no operational launch date has been announced.

The expansion of yuan-payment services gives African businesses additional settlement options, but GCB’s potential cost savings remain unquantified. Easier payments may facilitate Ghana’s trade with China without correcting its substantial merchandise trade deficit.

See IntelliNews: China challenges dollar dominance with Africa-wide yuan clearing hub
See IntelliNews: Ghana’s Stanbic Bank opens direct China payment channel in first for country
See IntelliNews: Pan-African lender Ecobank to join China’s yuan payment system
See IntelliNews: GCB Bank leads Ghana banking sector as profitability and asset quality improve - PwC survey