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Diaspora Remittances Hit A New Monthly Record

Kenyans abroad made record monthly remittances in May consolidating the inflows’ position as the highest foreign exchange source ahead of tea, official data showed yesterday. Monthly data released by the Central Bank of Kenya (CBK) showed that diaspora remittances reached $161.50 million (Sh16.78 billion) in May, a growth of 10.04 per cent compared to $146.76 […]

Wave, a New York-based money transfer firm, has expanded its M-Pesa-linked diaspora remittance services to the United Kingdom. This means that East Africans living in the UK can now use the Wave app to send money directly to Safaricom’s M-Pesa wallets, as well as to Uganda and Ethiopia through MTN mobile money. They can also […]

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Kenya is seeking to cut the charges on sending money home from foreign countries to less than three per cent of the amount transacted. Currently, the average cost from the UK, for example, is 6.6 per cent of the amount. The move is part of an initiative called Nairobi Action Plan on Remittances, spearheaded by […]

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Kenyans working abroad sent home a record Sh14.6 billion in the month of May, driven by a rebound of inflows from Europe. Diaspora remittances from Europe shot up by Sh600 million or 14.8 per cent from the month of April, to increase the region’s contribution to 31.8 per cent of total inflows. The month of […]

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A local chama partly backed by the Kenyan diaspora has started informally trading shares allowing members to unlock the value of their holdings. Fountain Enterprise Programme (FEP) Group shares are now trading at an over-the-counter (OTC) platform paving the way for its 60,000 members to buy and sell shares of the group with a portfolio […]

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