An Employee at a Forex Bureau Holding a Thousand Kenyan Notes and a Hundred Dollar Bills
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The Central Bank of Kenya (CBK) has reported a rising trend in financial contributions from Kenyans living abroad.
This trend indicates a growing commitment to supporting family members back home. A significant portion of these remittances, which primarily flow towards nuclear families, cover basic household needs like food, essential goods, medication, and educational expenses. The CBK report sheds light on the profile of remittance recipients. A high dependency ratio is suggested by the fact that many recipients are self-employed individuals, unemployed persons, or students. This aligns with comments from State Department for Diaspora Affairs Principal Secretary Roseline Njogu who highlights that a substantial portion of these funds directly support Kenyan families.
“Remittance flows to Kenya are regular (remitted monthly), directed at nuclear family members and largely cater for basic household needs such as food, household goods, medicine and payment of education expenses,” stated the CBK.
An analysis of remittance usage reveals that over half is typically invested in real estate, including land and buildings. Additionally, a portion is allocated towards mortgage payments, highlighting a longer-term financial strategy among recipients. Food and essential goods remain a significant category as well. This data reflects a broader increase in diaspora remittances. Official figures indicate that by the close of the first quarter of 2024, Kenyans living overseas had sent Sh210 billion (approximately USD 1.6 billion) back to Kenya.
Notably, the United States emerged as the leading source of remittances during this period. While there have been fluctuations, such as a dip to Sh50.4 billion (USD 385,933M) in February, the overall trend remains positive. March saw a surge to Sh53.2 billion (USD 407,772M). Year-end projections anticipate a potential increase in annual remittances, building on the record Sh671 billion sent in 2023.
Comments
Pouring money into self created problems back in Kenya is a self defeating venture. The mere act of giving money to folks who do not want to be inventive of other methods to solve the problems affecting them is not the answer.
I have completely cut off sending money to Kenya because it will not solve the long term issues of people continuing to be beggars. Let them wade through the Mackey waters of solving their problems by being creative. Necessity is the mother of all inventions.
Why are the people in the diaspora remitting money to a rogue government of thieves that continues to oppress its own citizens with heavy taxation, corruption and outright theft of Kenya’s coffers? WHY??????
The CBK should be ashamed of itself talking about waiting around for money to come from the diaspora to buy food, medicines, diapers and shit. This Ruto country has gone to hell and no any other way to put it, literally.
Rosalind Njongu is simply a joker! A young kid hell bent on begging for her thieving Ruto. What a terrible shame. Kubafu!
Kenya will never stand on its own feet as long as people in the diaspora, IMF, religious organizations, etc keep sending money from all over the world. Free stuff given to Kenya (Kenyans) is not the answer to the milliards of problems existing in that country. Kenya has become a beggar country while the politicians in Kenya are some of the highest paid fools in the world. The diaspora community needs to form a moratorium to STRIKE and completely stop sending any money to Kenya. It is the politicians who benefit when money is sent through the CBK. Let the country collapse so that those animals stealing from the poor people can be held accountable. Rosaline, whst are you doing at your CS level to solve the gnawing problems in Kenya except spreading your empty hand begging like a lone child? Do something because we are tired of giving. Nonsense!
Umeongea ukweli! Let Kenya learn to become self-sufficient w/o the reliant on the "helping hand".
Ruto umesikia? 👂??
Giving a country (or people) free money regardless of who it is going to help is the wrong way to solve problems.
The money is being used badly because no one sweat to earn it. How come the diaspora people survive just fine in a foreign country without asking anyone for handouts? You become innovative if you realize you got financial obligations to meet at the end of every month!
What is wrong with black people all over the world that they have to beg all the time? Always gimme, gimme, and more gimme! A cursed lot of people!
Just look up in this page and you will see MDVD saying Kenya does not have the funds to save a human life stuck in the goddam Saudi Arabia while at the same time the government is receiving billions of shillings from the Diaspora. What kind of nonsense is this crap?
Sending money to family for food,clothing,and school fees will not generate any economic value,or sustainable economic activity.The funds are merely paying bill,and making relatives MMMmmmm relatively comfortable.That's it.
To generate employment is what Kenya needs. We have to invest in projects that will create jobs,and make recipients of diaspora cash self reliant.
What I object most is this entitlement attitude.Some relatives feel like its your obligation to uplift them,and this is wrong.It makes the diaspora cash less appreciated.
Anyway, my two cents.
@maxiley, a lot has happened since you have been gone!!!! Even the diaspora remittance of sweated shillings (dollars) has Trippled up because subconsciously those in the diaspora feel like it is their responsibility to be the “soup kitchen” for the world (the government, its people plus the thugs in between)!
Your “two cents” makes a lot of sense! Folks back home are like rats which never get satisfied of eating. They are all blood suckers (ticks) that never let loose from sucking the blood of an anemic cow. Kenya is quickly descending to HELL with Ruto on top. Welcome back and send me a few dollars because I am thirsty too! I will even take the shillings!!!😂😂😂😂🥪🍗😜🇰🇪
@ Ali, I just came back from Kenya where I stayed 4 months frolicking on the beach,and spending my hard earned money with beauties.Now I have to start working again,and probably repeat the same adventure next year. You are free to join me.
I carried my remittance with me,and left part of it in Kenya.So if you go there,let me know,I will loosen some of it for your spending pleasure.
Been away from mwakilishi for awhile,and I feel alittle rusty.
@maxiley, glad you hopefully had a good time lounging on the sunny bitches (beaches) of Kenya. How are the cut throat women out there these days? Is life in Kenya as bad as folks back home make it sound????.
I haven’t been to Kenya lately since my cousin corruptly acquired my dream house I had sweated to build for over 7 years. Lawyers in Kenya are another bunch of mixers, crooked and are ready to make sure you go broke with prolonged retainer fees and some never ending chain of payments. So I decided to abandon everything and lost like a man! Quite mad but life goes on…
Wish I had used my hard earned money to buy a brand new Mercedes AMG 63 SE that I have always wanted instead of venturing to build a house in Kenya. I am done with anything Kenya because I am sick and tired of the inhumanity that goes on there. Long story bro!
But I went to the beaches (bitches) of lake Maracaibo in Venezuela, visited Columbia and Costa Rica where a brother has a lot of intrinsic value with all manner of beauties😂😂💃🏽! I can assure you the Spanish women in these countries are plainly nice, physically fit and no ounce of fat in the body, tall and other sizes in between, long naturally silky black hair - no fake mops on the head, smells so delicious, very beautiful and equally welcoming. No shenanigans our sisters from Kenya damp on us. Spanish women are straight forward and no idiotic games.
I had a well deserved time vacationing out there, and I felt much appreciated in South American than I ever felt in my native country (And I will be back next year…). BTW - food was so damn yummy Bro! Welcome back @maxiley! .
Haha@ ...another returnee here.
Been a while & trying to catch up Leo Memorial Day $$
@maxiley, a lot has happened since you have been gone!!!! Even the diaspora remittance of sweated shillings (dollars) has Trippled up because subconsciously those in the diaspora feel like it is their responsibility to be the “soup kitchen” for the world (the government, its people plus the thugs in between)!
Your “two cents” makes a lot of sense! Folks back home are like rats which never get satisfied of eating. They are all blood suckers (ticks) that never let loose from sucking the blood of an anemic cow. Kenya is quickly descending to HELL with Ruto on top. Welcome back and send me a few dollars because I am thirsty too! I will even take the shillings!!!😂😂😂😂🥪🍗😜🇰🇪!!
Instead of sending cash to irresponsible people just invest in Bitcoin and crypto currency. It's the only hedge against inflation
Nice! That (investing in whatever equities) might be even less headaches than dealing with some gluttonous family members back home who never tell you the truth about their financial status. They all want to receive and live a free happy life like the Gilligan's in the Utopia Island!
They are all aided by a corrupt government and this diehard chic called CS Njogu! Boy, this woman can surely beg like really poor dame! Whomever marries her will certainly have his (her) hands full. She can run anyone broke over night…
This zakayo economics is quite a joke . It’s only the shilling gaining strength globally yet all this remittances are being galloped into politicians pockets. Nothing this far 3 years is tangible or visible since this administration took office. PR tuu and hype..