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Diaspora Remittances Hit Record Sh100bn in 11 Months

Kenyans abroad sent home Sh100 billion ($1.177 billion) in the 11 months to November last year, exceeding the total remittances of 2012. Cash remittances by Kenyans living abroad for up to the month of November have exceeded total transfers for the year 2012, with the US retaining its position as the biggest source of foreign […]

Diaspora remittances to Kenya rose by 11.7 per cent up in the first the first 10 months of 2013.¬†Central Bank data indicates that Kenyans living abroad sent Sh109.76 billion ($1.27 billion) back home from January to October compared to Sh97.8 billion ($1.13 billion) last year. Although the figures are an all-time high, they also reflect […]

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BitPesa Ltd., a Kenyan start-up, will take on remittance providers like Western Union Co. (WU) by using the Bitcoin virtual currency to cut transaction costs for Kenyans working abroad who send home $1.2 billion a year. The online service plans to start on a trial basis by March, after obtaining regulatory approval, and gain 1 […]

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Britain has failed to see the serious humanitarian consequences of Barclays’ decision to stop trading with remittance companies in Somalia, according to the African nation’s ambassador to London. Ali Abdullahi said the decision would cut millions of Somalis off from vital money, sent by relatives working abroad, and that Foreign Secretary William Hague had failed […]

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Barclays Bank has agreed to continue providing banking services – pending a legal challenge – that allow thousands of Somalis living in the UK to send cash home. Barclays will continue providing banking services which allow Somalis living in the UK to send cash home The bank triggered legal action when it announced its intention […]

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