Donation Amount. Min £2

Kenya unveiled a strategy plan on Monday that aims to lower the costs of remittances sent by its diaspora and increase the volume of money flowing back to the country.

Prime Cabinet Secretary Musalia Mudavadi emphasized the crucial role that Kenyans abroad play in the local economy. "Kenyans abroad make direct investments locally, providing social support or creating an enabling environment for Kenyan exports. Their contribution is evident in various sectors of the economy, including education, health, housing, agriculture, tourism and trade," he said during the launch of the three-year strategic plan in Nairobi, the capital of Kenya.

Mudavadi, who also serves as the cabinet secretary for foreign and diaspora affairs, highlighted the need for discussions focused on lowering the expenses associated with sending money from members of the diaspora back to their countries of origin.

He said that the government aims to reduce these costs to 3 percent of the transfer value, aligning with the United Nations Sustainable Development Goal 10 (c), which seeks to make remittance fees more affordable.

"The remittance costs remain high despite calls for reduction. For the viability of social benefits portability, the transaction costs must be reduced. I therefore encourage all stakeholders to join together, in Kenya, regionally, and globally, to bring the costs of remittances to the global target," he added.

According to Mudavadi, Kenya's diaspora remittances grew to 2.8 billion U.S. dollars from January to July 2024, compared to 2.4 billion dollars during a similar period in 2023.

He said a review of the trend for the first seven months of 2024 indicates a projected increase in annual remittances from 4.19 billion dollars in 2023 to 4.8 billion dollars in 2024, marking a 14.6 percent increase.

Mudavadi said the exponential growth puts the country on track toward attaining the remittance target of 1 trillion shillings (about 7.72 billion U.S. dollars) annually by 2027, coinciding with the end of the strategic plan.

The Kenyan official also said the increase in remittances not only enhances investments, but also helps strengthen Kenya's balance of payments and reduce the vulnerability of Kenyan shilling to external pressure.

He also called on foreign ministry officials to take a leadership role in developing a framework that facilitates the comfortable return of diaspora members to their home country. ■ Xinhua

About IEA Media Ltd

Informer East Africa is a UK based diaspora Newspaper. It is a unique platform connecting East Africans at home and abroad through news dissemination. It is a forum to learn together, grow together and get entertained at the same time.

To advertise events or products, get in touch by info [at] informereastafrica [dot] com or call +447957636854.
If you have an issue or a story, get in touch with the editor through editor[at] informereastafrica [dot] com or call +447886544135.

We also accept donations from our supporters. Please click on "donate". Your donations will go along way in supporting the newspaper.

Get in touch

Our Offices

London, UK
+44 7886 544135
editor (@) informereastafrica.com
Slough, UK
+44 7957 636854
info (@) informereastafrica.com

Latest News

Body of missing man found in Hartbeespoort Dam

Body of missing man...

The NSRI says the man, who is believed to be from Malawi, was fishing in the area and was later rep...

EU Condemns Post-Election Violence in Mozambique, Calls For Immediate Dialogue

EU Condemns Post-Ele...

The European Union (EU) has condemned the post-election violence in Mozambique, which has resulted i...

Criticisms against Kenya Kwanza policies, dominate Christmas messages

Criticisms against K...

Archbishop Martin Kivuva of Holy Ghost Cathedral church gives sacrament to catholics during christma...

Two women and dog killed after Christmas Day 'stabbing' at flat in Milton Keynes

Two women and dog ki...

Two women have died following reports of a stabbing in Milton Keynes on Christmas Day, police have s...

For Advertisement

Big Reach

Informer East Africa is one platform for all people. It is a platform where you find so many professionals under one umbrella serving the African communities together.

Very Flexible

We exist to inform you, hear from you and connect you with what is happening around you. We do this professionally and timely as we endeavour to capture all that you should never miss. Informer East Africa is simply news for right now and the future.

Quality News

We only bring to you news that is verified, checked and follows strict journalistic guidelines and standards. We believe in 1. Objective coverage, 2. Impartiality and 3. Fair play.

Banner & Video Ads

A banner & video advertisement from our sponsors will show up every once in a while. It keeps us and our writers coffee replenished.