Angola's BFA to Join China's CIPS to Meet Rising Yuan Demand

Banco de Fomento Angola (BFA), Angola's second-largest commercial lender, is set to join China's Cross-Border Interbank Payment System (CIPS). This move is driven by increasing customer demand for direct yuan settlements, reflecting expanding trade and investment ties between Africa and China. BFA will be the first Angolan bank to join CIPS, with the process expected to be finalized by next year. Angola's central bank recently allowed commercial banks to use the yuan in their hard currency reserves.