Gov't to Safeguard Kenyan Diaspora Against Deceptive Relatives
The government is taking steps to safeguard Kenyans residing overseas from falling victim to scams and ensure the security of their investments in their home country.
It is not uncommon for Kenyans residing abroad to be duped by loved ones and acquaintances into buying non-existent properties like houses and land. To counter this issue, Deputy President Rigathi Gachagua has revealed that the government is teaming up with the Central Bank to introduce a program that enables the Kenyan diaspora to invest in treasury bills and bonds. He expresses that many citizens have suffered economic damages at the hands of their family members and that the government plans to institute a trustworthy mechanism for control and inspection purposes.
Gachagua shared these insights on Friday during the conclusion of the 2023 Diaspora Investment Conference which took place at the Kenyatta International Convention Centre in Nairobi. Over 2,800 individuals from diverse backgrounds, including ambassadors and investment firms, attended the conference which spanned three days. During the event, Gachagua stressed the essential role the diaspora community plays in Kenya's development, citing their remittances as critical sources of economic stability.
The Deputy President implored the Kenyan diaspora to boost their savings, encourage their relatives and friends to pursue employment opportunities overseas and sustain their investments in Kenya while residing abroad. Gachagua mentioned that in 2022 diaspora remittances surpassed the $4 billion (Sh615 million) mark. According to Gachagua, the government acknowledges the immense value that Kenyans residing overseas bring to the table. He noted that remittances hold immense significance as they serve as Kenya's primary source of foreign exchange and are thus cherished greatly.
To streamline and speed up the money transfer procedures utilized by Diaspora workers, the government has instructed the Financial Reporting Centre and Asset Recovery Agency to minimize needless red tape, which is an instrumental move towards closing off opportunities for corruption. Additionally, the Deputy President urges Kenyans abroad to seek opportunities to promote Kenyan products and attract investors in their host countries, aligning with the government's Bottom Up Transformation Agenda. By doing so, Kenya's revenue base will expand, and the finest coffee, tea, macadamia, and avocado fruits can finally reach supermarkets through effective marketing efforts.
Gachagua emphasises the significance of Kenyans abroad assuming the role of ambassadors, lending their support to Kenyan envoys in their efforts to entice investors. He underscores Kenya's position as a pivotal nation boasting a robust democracy and efficient financial infrastructure.