China has approved Standard Bank Group and the Industrial and Commercial Bank of China (ICBC) to operate Africa’s first Renminbi (RMB) clearing hub, aiming to streamline trade and payments between China and African nations.

• The hub will facilitate direct transactions in Chinese yuan, bypassing the US dollar for international trade.
• Key figures involved include Standard Bank Group and the Industrial and Commercial Bank of China (ICBC).
• This initiative is expected to significantly lower transaction costs for businesses, particularly impacting countries like Kenya, which imports heavily from China.

The value of card payments in Kenya significantly decreased by 11.55 percent in the six months leading up to June 2026, indicating a shift towards alternative payment methods and tighter household budgets.

• The value of card transactions fell to Sh220.04 billion, down from Sh248.8 billion in the same period the previous year.
• Analysis of Central Bank of Kenya (CBK) data highlights the trend, supported by economist Mr Churchill Ogutu.
• Factors contributing to the dip include shrinking disposable income, the impact of global conflicts, and a growing preference for mobile money platforms like M-Pesa, direct mobile banking apps, and cash.

The Kenya National Chamber of Commerce and Industry (KNCCI) has welcomed a one-month delay in the implementation of increased cargo taxes, following constructive consultations with the Kenya Revenue Authority (KRA).

• The current customs benchmark of Sh2.5 million will remain until August 20, when it will rise to Sh3.2 million.
• Key stakeholders involved include the KNCCI, KRA, consolidators, and clearing agents.
• KRA has also agreed to waive storage charges for affected cargo and will keep the revised benchmark fixed for two years.