GCB Bank partners with UnionPay to launch Ghana’s first RMB debit and prepaid cards

GCB Bank PLC has partnered with UnionPay International to introduce Ghana’s first Renminbi (RMB) debit and prepaid cards, allowing customers to make payments directly in the Chinese currency without intermediate currency conversions.

The agreement, formalised at UnionPay International’s headquarters in Shanghai, China, was witnessed by representatives of the Bank of Ghana.

According to the two institutions, the arrangement marks UnionPay’s first RMB payment card designed to use the Chinese currency directly for clearing and settlement.

The cards will enable Ghanaian businesses and travellers to make point-of-sale payments, withdraw cash from automated teller machines (ATMs) and conduct online transactions in China.

The initiative comes amid increasing trade and travel between Ghana and China, with bilateral trade reaching US$14.1 billion in 2025, representing a 19.3 per cent increase over the previous year.

China remains Ghana’s largest trading partner, with many Ghanaian businesses relying on Chinese markets for goods, machinery and raw materials.

Speaking at the launch, the Managing Director of GCB Bank PLC, Farihan Alhassan, said the partnership would help address payment challenges faced by Ghanaian businesses operating in China.

“For Ghanaian businesses trading with China, making payments should be a straightforward part of doing business. Our partnership with UnionPay International will 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,” he stated.

The General Manager of UnionPay International’s Africa Branch, Feng Chen, said the partnership would improve payment connectivity between Ghana and China while providing additional cross-border payment options.

The development also comes amid growing travel between the two countries.

According to the Ghana Tourism Authority’s 2025 Tourism Report, Ghana recorded 1.307 million international visitors, with business travel accounting for 31 per cent of visits.

China ranked as Ghana’s sixth-largest source market, contributing nearly 20,000 arrivals annually.

Meanwhile, more than 9,000 Ghanaians travelled to China in 2023 for business, trade, education and official engagements, while approximately 4,600 Ghanaian students were enrolled in Chinese institutions.

The introduction of the cards is expected to provide an additional payment option for Ghanaian traders who frequently travel to China for procurement, accommodation, transport and other business-related expenses.

GCB Bank, established in 1953 and listed on the Ghana Stock Exchange, operates more than 183 branches and 340 ATMs nationwide.

UnionPay International operates a payment acceptance network spanning 183 countries and regions, with cards issued locally in more than 86 countries and regions through partnerships with over 2,600 institutions worldwide.