Treasury Closer to Tapping Diaspora Remittance Cash

Treasury’s plan to tap billions of diaspora cash flowing into the country every month has moved closer to realization with the finalization of a policy paper that is now set to be tabled before the Cabinet.

The policy paper will pave way for creation of key institutions such as the National Diaspora Council of Kenya for harnessing the resources of about three million citizens living abroad, majority of who currently entrust their investments to relatives and friends.

“The paper seeks to foster provision of information to the diaspora, establishing a reliable database and improving remittance infrastructure so as to cut costs,” said Ambassador Ruth Solitei.

The search for a policy guiding remittances of Kenyans living and working abroad has been on cards in the past five years since the National Economic and Social Council broached the subject some time in 2008.

President Uhuru Kenyatta had earlier in the year promised the diaspora community in London that his government was going to expedite passage of the policy, indicating that the paper is not likely to face executive hurdles.

In a meeting on Thursday sponsored by the Nation Media Group and Kenya Airways, Kenyans living in the diaspora cited lack of information as a major challenge limiting their investment. Last year they sent home up to Sh100 billion.

– Business Daily