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.

Former Cabinet Secretary Raphael Tuju has urged Members of Parliament to strip the National Treasury of its power to unilaterally determine the amount of public funds transferred to the East African Development Bank (EADB).

• Mr. Tuju argues that granting the Cabinet Secretary discretion over funds from the Consolidated Fund is akin to giving a "blank cheque."
• He is concerned that the proposed East African Development Bank (Amendment) Bill, 2026 offers excessive immunity to the bank's directors, staff, and consultants, potentially shielding them from civil and criminal prosecution.
• Mr. Tuju also highlighted concerns about a provision that deems parliamentary approval of fund disbursements if not completed within 30 days, even if Parliament is in recess.

KCB Bank Kenya has secured a significant financing facility of Sh12.9 billion from the European Bank for Reconstruction and Development (EBRD).