up
11 liked this page.
Date Shared: 
Thursday, October 4, 2018 - 13:32
Title: 

Send Money and Invest in Kenya: A Guide for Diaspora Remittances and Investments

Country(ies): 
Kenya
Partner(s): 
ACP-EU, IOM
2030 Agenda migration-relevant and related target Labels: 
Subgoal 10.c on the reduction of remittances costs
GCM Thematic Cluster Areas: 
Contributions of migrants and diasporas
Tags: 
Diaspora investment and entrepreneurship, Remittances
Summary: 

The Government of Kenya and IOM released in 2017 a guide for diaspora remittances and investments in the country.

Among other things, the guidelines provide a background on the size, diversity and location of the Kenyan diaspora. They touch on the important role the diaspora plays in Kenya’s national development and the Government’s policy towards harnessing their developmental potential. The document provides pointers on what to think about when choosing/using a remittance service provider (RSP), identifies a broad cross section of RSPs serving the Kenyan market, and it outlines tools migrants can use to compare RSPs so migrants can make cost effective decisions when sending money home, providing tips on how to open a bank account in Kenya while abroad and make payments (e.g. pay utility bills). It also outlines a cross section of commercial banks in Kenya that provide services to the diaspora and focuses on diaspora investment which is broadly defined to include commercial investment (where a profit is expected) and diaspora philanthropy. 

 

GFMD Source: 

GFMD 2018 - Background Paper RT Session 3.2 "Beyond Remittances: leveraging the development impact and promoting the transnational engagement of diaspora and migrants"