An Alliance to Modernize B2B Payments Between Ghana and Asia

Stanbic Bank Ghana, a subsidiary of Standard Bank (the largest African banking group by assets and the only African banking group licensed as a direct participant in the CIPS system of the Bank for International Settlements), and RD Technologies, a specialist in digital asset infrastructure, are jointly exploring a cross-border payment solution for businesses. According to TechAfrica News, this initiative aims to streamline settlements between Ghanaian companies and their Asian suppliers using stablecoin technology to enhance transaction efficiency.

The project leverages the complementary strengths of both partners: Stanbic Bank Ghana will handle client onboarding, KYC (Know Your Customer) checks, transaction approvals, and local currency settlements, while RD Technologies will provide the digital asset infrastructure and access to its Asian settlement network. RD Technologies, which has raised over $90 million from investors like HashKey Group and the Solana Foundation, is also an early participant in the Stablecoins Issuer Sandbox by the Hong Kong Monetary Authority (HKMA), reinforcing its credibility in this field.

This collaboration could explore a secure, compliant, and more efficient solution for Ghanaian businesses to settle commercial payments with Asian suppliers.

An Operational Framework Governed by Regulation and Compliance

The project remains in an exploratory phase, with a pilot phase planned only after obtaining regulatory approval and technical validations, as indicated by PRNewswire and Innovation Village. Stanbic Bank Ghana will select participating businesses based on its standard onboarding and compliance criteria, ensuring only legitimate and compliant transactions are processed through this infrastructure.

Darwin Mireku, head of strategy at Stanbic Bank Ghana, emphasizes that this collaboration aims to assess how stablecoin technology can « help clients settle legitimate commercial payments with suppliers in Asia in a smoother way ». Rita Liu, CEO of RD Technologies, stresses the need for a « secure, compliant, and more efficient » solution for Ghanaian businesses. No launch date, specific stablecoin, or transaction limit has been disclosed at this stage.

What this means here: opportunities and challenges for businesses in West Africa

For Beninese and West African businesses engaged in trade exchanges with Asia, such an initiative could inspire similar models tailored to local specifics. If a pilot project like Ghana’s succeeds, it would demonstrate how stablecoins, combined with traditional banking infrastructure, can reduce delays and costs in cross-border payments, which are often slow and expensive due to intermediaries and currency conversions.

However, several obstacles could hinder widespread adoption in West Africa: the harmonization of regulatory frameworks across countries, the need for reliable digital infrastructure, and raising awareness among local businesses about digital asset technologies. Public administrations, such as those in Benin, may also take interest in such projects to modernize their own cross-border payment systems, provided the solutions comply with monetary sovereignty and anti-money laundering requirements.

Furthermore, the involvement of Stanbic Bank Ghana, which benefits from strategic support from ICBC (Industrial and Commercial Bank of China) through its stake in the Standard Bank group, could serve as an example for other African banks seeking to strengthen their connections with Asian markets. Success in this area could encourage other regional financial institutions to explore similar partnerships, provided local regulators support these innovations.

A technology serving legitimate trade, with conditions

Unlike volatile cryptocurrencies, stablecoins are designed to maintain a stable value, typically pegged to a fiat currency like the dollar or euro. This stability makes them a potentially attractive tool for commercial payments, where value predictability is crucial. According to statements from both partners, stablecoin technology would serve here as an underlying layer for transaction settlements, without replacing traditional banking services.

RD Technologies, as an infrastructure provider, brings expertise in connecting with Asian markets, where stablecoins are gradually gaining traction, particularly through initiatives like Hong Kong’s Stablecoins Issuer Sandbox. For Stanbic Bank Ghana, this collaboration represents an opportunity to test an emerging technology while maintaining control over critical aspects such as compliance and customer relationships. The chosen model thus appears hybrid: stablecoins would optimize settlement efficiency, while the bank remains the primary point of contact for businesses.