Tanzania, Aug. 13 -- Dar es Salaam. Stanbic Bank Tanzania's launch of a direct Renminbi (RMB) settlement service could lower payment barriers for businesses trading with China and support Tanzania's ambitions to expand exports, industrialise and integrate into global value chains, government and financial sector officials have said.

The service, launched in Dar es Salaam yesterday, allows Tanzanian businesses to pay Chinese suppliers and receive payments from Chinese buyers directly in RMB, without first routing transactions through the US dollar.

Speaking at the launch, Deputy Minister for Industry and Trade, Dennis Londo, said the initiative should be viewed beyond the introduction of a banking product, describing it as an important l...