Absa Weighs Joining Yuan Platform on Thriving China-Africa Trade

Absa Group Ltd. is weighing joining a payments platform that facilitates direct settlement in Chinese currency, to take advantage of growing trade with Africa’s biggest trading partner.

The lender plans to integrate with China’s Cross-Border Interbank Payment System, or CIPS, which is Beijing’s global-payments solution for yuan-denominated transactions, according to Abdi Mohamed, chief executive officer of the South African bank’s Kenyan unit.