GCB Bank PLC has partnered with UnionPay International to introduce Ghana’s first Chinese Yuan-denominated prepaid and debit cards, a move designed to simplify payments for Ghanaian traders, businesses, and students traveling to China.
The landmark issuance, announced at a ceremony at UnionPay International’s headquarters in Shanghai on Monday, marks the first time a Ghanaian bank has offered cards that settle directly in Renminbi (RMB), eliminating the need for traders to convert funds through intermediary currencies such as the US dollar when sourcing goods in China . The launch was attended by representatives of the Bank of Ghana, underscoring the regulatory significance of the initiative.
A Response to Surging Bilateral Trade
The introduction of the GCB UnionPay RMB cards comes at a critical moment for Ghana-China economic relations. China remains Ghana’s largest trading partner, with bilateral trade volume reaching $14.1 billion in 2025—a 19.3 percent year-on-year increase . Thousands of Ghanaian merchants travel to China annually to procure goods, raw materials, and machinery, often facing challenges related to limited card acceptance, high foreign exchange costs, and the security risks of carrying large amounts of cash .
“For Ghanaian businesses trading with China, making payments should be a straightforward part of doing business,” said Farihan Alhassan, Managing Director of GCB Bank PLC, at the launch. “This partnership with UnionPay International will enable our 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” .
The cards are available in both physical and virtual formats and support a range of payment methods. Users can make point-of-sale purchases, withdraw cash at UnionPay ATMs, and conduct online transactions across China. Crucially, the cards can be linked to popular Chinese mobile payment platforms, including WeChat Pay and Alipay, allowing users to scan QR codes at millions of merchants—a dominant payment method in China that has historically been difficult for foreign visitors to access .
Bridging the Payment Gap
For Ghanaian traders, the practical benefits are immediate. Previously, a merchant traveling to Guangzhou or Yiwu to purchase electronics or textiles would need to carry cash or rely on cards that incurred multiple conversion fees. The new GCB UnionPay card allows funds to be loaded in Ghana and spent in Yuan, with transaction monitoring and card controls managed through the GCB Mobile App .
The partnership also aligns with broader efforts to deepen financial integration between Africa and Asia. UnionPay, which is accepted in 183 countries and regions, has been actively expanding its footprint in Africa. In Ghana, UnionPay’s ATM and POS acceptance coverage has reached 90 percent and 70 percent, respectively . The issuance of locally funded RMB cards is expected to further drive the adoption of UnionPay’s network in West Africa.
“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,” Alhassan added .
Background and Strategic Significance
GCB Bank, established in 1953, is Ghana’s largest bank, operating over 183 branches and 340 ATMs nationwide . The bank has increasingly positioned itself as a facilitator of international trade, and the Yuan card initiative complements broader diplomatic and economic developments, including China’s zero-tariff policy for Ghanaian products and the expansion of the Canton Fair as a sourcing hub for African buyers .
The launch also coincides with a surge in people-to-people exchanges. According to official data, over 9,000 Ghanaian nationals traveled to China in 2023 for trade, business, and study, while approximately 4,600 Ghanaian students are currently enrolled in Chinese institutions . The April 2025 rollout of the Chinese Embassy’s online visa system in Ghana has further facilitated travel, creating a larger pool of users who stand to benefit from direct RMB payment capabilities .
For UnionPay, the collaboration represents a strategic inroad into a key West African market. “UnionPay was honored to welcome GCB Bank and Bank of Ghana representatives to Shanghai,” said Feng Chen, General Manager of UnionPay International Africa Branch. He reaffirmed the network’s commitment to providing secure, efficient, and cost-effective payment solutions while enhancing payment connectivity between China, Ghana, and global markets .
How It Works
Customers can apply for the GCB UnionPay card at any GCB branch or through the bank’s mobile app. Funds can be loaded via approved GCB channels, and the card can then be used directly in China for purchases, ATM withdrawals, and QR code payments. The bank notes that the card reduces the need to carry large amounts of cash and offers a safer alternative to informal payment methods often used by traders .
The introduction of the Yuan card is expected to be particularly beneficial for small and medium-sized enterprises that source inventory from China, as well as for corporate clients and students requiring a reliable means of managing living and tuition expenses abroad. By removing a layer of currency conversion, GCB and UnionPay aim to make cross-border commerce more transparent and affordable for Ghanaian users.
As trade volumes between Ghana and China continue to climb, the success of the Yuan card will likely be measured by how quickly it is adopted by the trading community—a community that has long sought a more seamless bridge between Accra and the manufacturing hubs of southern China.
