On Diaspora Remittances: Would You Volunteer Personal Information To CBK?

Business
1

The government has announced that it is looking for Kenyans who receive diaspora remittances as well as those who send the cash.

In a statement on Friday, January 15, the Central Bank of Kenya announced the first-ever Diaspora Remittances Survey would be conducted in February and March 2021.

Diaspora remittances are funds sent by a person in a foreign land to their home country.

https://www.kenyans.co.ke/files/styles/article_inner_mobile/public/images/media/cbk%20(1).jpg?itok=CqCU6YT8
Central Bank of Kenya Governor Patrick Njoroge during a press conference

“The Diaspora Remittances Survey will be conducted online in two parts; the first phase will focus on the sources of remittances (remitters and the source countries) while the second phase will target the households that receive remittances,” the statement stated.

The exercise will be conducted in collaboration with the Kenya National Bureau of Statistics (KNBS), the Ministry of Foreign Affairs (MFA), and other stakeholders.

The survey aims at collecting valuable information on remittance inflows to Kenya to help guide policy, with the objective of boosting the role of remittances in supporting the economy and livelihoods.

The vital information includes the efficiency and cost of alternative remittance channels; the difficulties encountered in remitting cash or non - cash transfers; the availability of information to Kenyans in the diaspora about investment opportunities in Kenya; and the usage of remittances received.

Due to the huge sums involved, remittances are now being recognized as an important contributor to the country’s growth and development.

In Kenya, remittance inflows were strongly buoyant in 2020, despite the devastation by Covid- 19 in the source countries.

Remittances rose to a record high of Ksh340 billion in 2020, from Ksh279 billion in 2019, an increase of 10.7 percent.

In the month of December 2020 alone, remittances reached a historical peak of Ksh32 billion.

This remarkable growth of remittances has been supported by financial innovations that provided Kenyans in the diaspora more convenient channels for their transactions.

2

Atsi? anayhoooo my number one role in this life is to keep the dodgy Kenyan Gava away from mahela zangu. They should target the walalos 1st.

3

Wamesahau kusema in conjunction with KRA

4

They want to print Ksh and then request Diasporas for an exchange of dollars with Kenyan shilling.

Tunawonea 18.

5

Hao wako kwa Bcc :smiley:

6

deni ya muchinku mutalipa. Next ni watu wakwenda ma danguro,naskia pia huko kuna maweng’

7

@Abba @Sovereign2 @Simiyu22 @Swansea kam hia…They want your money… :smiley:

Kenyans living in the diaspora have protested a proposed law that targets the billions of shillings that are sent to the country in the form of foreign remittances.

The Kenyan Citizenship and Immigration (Amendment) Bill, 2020 gives the Foreign Affairs CS the powers to craft a voluntary savings scheme for Kenyans living abroad.

Kenyans in the US under the Diaspora Life Think-Tank questioned the validity of the bill which was done without consideration of their input.

If passed, the proposed law would see Kenyans living and working in the diaspora get incentives like wealth protection, aimed at encouraging them to invest back at home.

https://www.kenyans.co.ke/files/styles/article_inner_mobile/public/images/media/20200220-BOXRAFT-Central%20Bank%20of%20Kenya%20(CBK)%20building%20in%20Nairobi.%20Thursday%2C%20February%2020%2C%202020%20(4).jpg?itok=WEEeT_mV
Central Bank of Kenya (CBK) building in Nairobi.

However, the chairman of the Association of Kenyan Diaspora Organisations (AKDO), David Ochwangi, said that they were not aware of any consultation from the sponsor of the investment bill.

“Kenyans in the diaspora are savers already by way of remittances, investments and other savings that we make,” Mr. Ochwangi added.

[ATTACH=full]346763[/ATTACH]
The Ministry of Foreign Affairs offices in Nairobi.

A survey on diaspora remittances to be conducted in February and March 2021 was announced on January 2021 by the Central Bank of Kenya.

The aim of the survey will be to find out the source of the remittance and the households that benefit from it.

AKDO expressed concerns over the real issues not being addressed and that the amendment of the saving law was a misplaced priority.

“A ‘savings’ law is the least of our concerns; we have other pressing priorities that we have persistently petitioned the government to address,” said Ochwangi.

Protection of the welfare of Kenyans diaspora and birthright citizenship restoration are some of the things that the group considers as a priority.

[ATTACH=full]346762[/ATTACH]

According to Mr. Ochwangi, over KSh300 billion is remitted annually by Kenyans in the diaspora.

In 2020, diaspora remittances rose to Ksh340 billion from Ksh279 billion in 2019.

8

Very funny. Lakini sikusoma yote; nimesimama hapo kwa wealth protection… chui akuchungie kondoo?

9

:D:D haiwezekani :D:D

10

The Central Bank of Kenya(CBK) diaspora remittances data has revealed that Kenyans abroad sent home Ksh30.5 billion ($278.4 million) in the month of January 2021 alone.

The CBK website defines remittance as money sent by a person in a foreign land to his or her home country. The CBK now recognises remittance inflows as an important contributor to the country’s economy.

The CBK noted that the remittances received last month were higher by seven point three percent compared to those received in January 2020. A total of Ksh28.5 billion was received during that period.

https://www.kenyans.co.ke/files/styles/article_inner_mobile/public/images/media/Uhuru%20and%20CBK%20Governor%20Shake%20legs.jpg?itok=QBuj6JXy[ATTACH=full]351143[/ATTACH]
President Uhuru Kenyatta (left) and CBK Governor Patrick Njoroge

A total of Ksh342.4 billion was received for the twelve months ending in January this year. This marks a ten point eight percent increase compared to the Ksh309.2 billion received for the twelve months ending in January 2020.

The corona virus pandemic caused a negative economic effect especially in North America, Europe and Asia. This did not stop Kenyans abroad from sending money home and therefore inflows picked up strongly after a decline in April 2020.

The CBK revealed that the growth of remittances is greatly supported by financial innovations that provided Kenyans in the diaspora with more convenient ways to transact money.

[ATTACH=full]351142[/ATTACH]
Central Bank of Kenya (CBK) Governor Patrick Njoroge with his deputy Sheila M’Mbijiwe

The CBK is collaborating with the Ministry of Foreign Affairs and Kenya National Bureau of Statics (KNBS) in conducting a Diaspora Remittances survey with the aim of collecting valuable information that will help in economic growth.

“The vital information includes; the efficiency and cost of alternative remittance channels, the difficulties encountered in remitting cash or non-cash transfers, the availability of information to Kenyans in the diaspora about investment opportunities in Kenya and the usage of remittances received,” the CBK stated.

According to statistics from KNBS, 4 million Kenyans live in the diaspora and this number is steadily rising.

Kenyans have opted to go abroad in search of better opportunities. The illegal immigration by Kenyans to western countries continue to rise daily. Many more Kenyans continue to apply for visas to different Western countries and this has been attributed mainly by lack of jobs in the country.