Kenya Aims to Boost Money from Citizens Living Abroad

Here's the scoop:

  1. The government wants to offer perks to Kenyans living abroad to get more money sent back home.
  2. Most of the money sent back to Kenya comes from the US, followed by Saudi Arabia which has recently surpassed the UK.

Kenya's government has big plans to get more money flowing from Kenyans living abroad. They want to see at least Sh1 trillion coming in each year, boosting the country's cash reserves from overseas.

To make this happen, the State Department for Diaspora Affairs (SDDA) is on the hunt for a consultant. They need someone to figure out how to make sending money back home easier and more attractive. The goal is to hit that Sh1 trillion target by 2027 while making sure the money goes towards both savings and investments.

In the past five years, Kenyans abroad have sent back an average of $3.56 billion each year. Last year, it grew by four percent, reaching $4.19 billion. To hit the Sh1 trillion mark, the yearly amount needs to grow by about 36 percent in the next four years.

Even though the growth has been strong in recent years, last year saw a bit of a slowdown, especially from Kenyans in the US. The US usually sends the most money, but they only had a small increase last year due to some economic challenges.

Despite this, the Central Bank of Kenya believes the US economy is still strong, so they expect more money to come from there in the future.

Interestingly, Saudi Arabia has become a major player in sending money back to Kenya. It's now second only to the US in terms of remittances.


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