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Kenyans abroad mull creating mutual fund for investments

by kenya-tribune

Market News

Guest during a past diaspora summit. FILE PHOTO | NMG 

Kenyans working and living abroad are mulling over the creation of a collective investment scheme (CIS) as a special investment vehicle.

Kenya Diaspora Alliance (KDA) chairman Shem Ochuodho said the scheme would help them to channel investments in the country.

“We are engaging experts on how we can pool resources and invest in the country,” said Mr Ochuodho.

The KDA represents 44 associations in different countries and Mr Ochuodho said discussions will also be held regarding the establishment of a microfinance bank.

“We are engaging experts. This will form part of our discussions during the convention,” he said in Nairobi when KDA announced dates for its annual diaspora homecoming convention to be held in the capital.

Kenyans working and living abroad are now sending home four times more cash than a decade earlier, official statistics show, underlining their importance in growing national wealth.

Nearly Sh260.23 billion ($2.55 billion) was remitted by the diaspora community in the 12 months through last August compared to Sh63.42 billion in the same period in 2008, data by the Central Bank of Kenya indicates.

This was a 41.9 per cent growth compared to (Sh183.38 billion) remitted within 12 months through August 2017.

The remittances have been the country’s largest source of foreign exchange since 2015 when they overtook earnings from tea exports.

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