In a landmark milestone for cross-border financial services between Africa and Asia, GCB Bank PLC has partnered UnionPay International to issue UnionPay debit and prepaid cards.
Marked by a ceremony at UnionPay International’s headquarters in Shanghai attended by Bank of Ghana representatives, the partnership marks UnionPay’s first-ever Renminbi (RMB) payment card that utilises the Chinese currency directly for clearing and settlement.
Context
The initiative comes at a strategic moment, aligning with major trade events such as the Canton Fair and a steady surge in bilateral trade and cross-border travel.
In 2025, China-Ghana trade volume reached $14.1 billion, up 19.3 per cent year-on-year, solidifying China’s position as Ghana’s top trading partner.
Per the Ghana Tourism Authority’s 2025 Tourism Report, Ghana welcomed 1.307 million international visitors in 2025, with business travel leading purpose at 31 per cent.
China ranks as Ghana’s sixth-largest source market, generating nearly 20,000 arrivals annually.
Conversely, over 9,000 Ghanaian nationals travelled to China in 2023 for trade procurement, business, official delegations, and study, with approximately 4,600 Ghanaian students enrolled in Chinese institutions.
The April 2025 rollout of the Chinese Embassy's online visa system in Ghana has further facilitated travel.
As trade expands, thousands of Ghanaian merchants travel to China annually to source goods, raw materials, and machinery, driving payment needs for procurement, accommodation, catering and transportation.
The new UnionPay card removes foreign exchange hurdles by settling directly in RMB, allowing Ghanaian travellers to make point-of-sale payments, withdraw cash at ATMs, and conduct online business transactions across China without intermediate currency conversions.
Straightforward payment
Speaking at the launch, the Managing Director of GCB Bank PLC, Farihan Alhassan, said: “For Ghanaian businesses trading with China, making payments should be a straightforward part of doing business.”
He said the bank’s partnership with UnionPay International would enable customers to pay directly in RMB, reducing the need for intermediate currency conversions and making it easier to manage payments during procurement and business trips.
“This reflects GCB’s commitment to supporting the ambitions of Ghanaian businesses, connecting them to global opportunities and strengthening trade ties between Ghana and China,” Mr Alhassan said.
The General Manager of UnionPay International Africa Branch, Feng Chen, stated that UnionPay was honoured to welcome GCB Bank and Bank of Ghana representatives to Shanghai.
He emphasised that the partnership reflected deep mutual trust and reaffirmed UnionPay's commitment to secure, efficient, and cost-effective payment solutions, while enhancing payment connectivity between China, Ghana, and global markets.
Background
GCB Bank PLC is Ghana’s largest bank, delivering first-class banking solutions since 1953.
Listed on the Ghana Stock Exchange, GCB operates over 183 branches and 340 ATMs nationwide, serving millions of retail, corporate, and public sector clients.
GCB’s strategy focuses on national financial inclusion, financing key development sectors, and facilitating international trade and cross-border payments.
UnionPay International enables card acceptance in 183 countries and regions, with local issuance in over 86 countries and regions through partnerships with more than 2,600 institutions worldwide.
UnionPay offers secure and accessible cross-border payment services to a global cardholder base.