Kenyan Government Initiates Diaspora Savings Program for Nationals Working Abroad
The government of Kenya is making significant progress in expanding financial opportunities for Kenyans residing outside the country.
A groundbreaking savings program is set to be introduced, pending the final approval of the Labour Migration and Management Bill, 2023. Under the proposed bill, the Ministry of Foreign Affairs will take the lead in establishing a voluntary savings plan exclusively for migrant workers. Working closely with relevant Kenyan missions, the ministry will develop and oversee this fund.
A key aspect of the program is the provision that grants the Cabinet Secretary in charge of foreign affairs the authority to collaborate with financial institutions in Kenya. The goal is to secure favourable terms for the investment of contributions made by migrant workers. This strategic move is expected to create a favourable environment for Kenyans abroad to actively contribute to the nation's economic growth.
“The Cabinet Secretary responsible for matters relating to foreign affairs may liaise with financial institutions in Kenya to negotiate favourable terms on the investments of any contributions that may be made,” the Bill reads in part.
According to the bill, the Treasury Cabinet Secretary will receive regular updates on the status of the savings program. Furthermore, in coordination with the foreign affairs counterpart, the Treasury CS will devise policies and initiatives to incentivize migrant workers to invest their funds back into Kenya. The government intends to create a central database that will store important information about various programs and projects in Kenya that can be invested in by migrant workers. In addition, measures will be put in place to prevent fraudulent activities that could hinder such investments, demonstrating the government's commitment to the success and honesty of the program.
This initiative is in line with President William Ruto's overall vision, which considers Kenyans living abroad as essential contributors to the nation's development. On December 10, President Ruto highlighted the importance of remittances from the diaspora in stabilizing Kenya's currency and economy. The planned dollar remittances from those residing overseas are viewed as a vital step in addressing challenges related to exchange rates, ultimately promoting economic stability for the country.
Comments
Boma Yangu 2.0! When is the…
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Boma Yangu 2.0!
When is the government of kenya refunding the money ignorant Kenyans who sent money to BOMA YANGU,thinking they were going to get flats?
Stealing, steal & more stealing.
This is just another scam.
Government of kenya is just running rackets all over.
They can start with this delusional guy👇🏽
https://www.tiktok.com/@shabankimuyu254/video/7314279295398989062
The Government of Kenya is…
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The Government of Kenya is running investment rackets all over.
Here is one👇🏽
https://youtu.be/-8SCsjh3uDo
You give your hard earned…
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You give your hard earned money to these crooks to negotiate with financial institutions for you.
Problem is Sacco are being…
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Problem is Sacco are being destroyed by greedy officials and for some reason corruption in private sector isn't being addressed. Weird. Law change and enforcement.
What? An Uasin Gisu mega…
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What? An Uasin Gisu mega scholarships scandal in the making that will shake even the devil's conscience. Msidhubutu.
My hard earned cash is safe…
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My hard earned cash is safe in the United States 🇺🇸!!!
Crooks over there have swindled me a lot of money over there, not again!!!
On my dead body
hell no! I will save my…
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hell no! I will save my money where I reside .
Very true! Why would anyone…
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In reply to hell no! I will save my… by Formerlyguest 2 (not verified)
Very true! Why would anyone need a bank account in Kenya if you reside abroad? Financial institutions are not trustworthy at all!
It is not an investment…
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It is not an investment program for the Dispora! It is a huge scam by Ruto. Fall for the Ruto scams at your own peril! Why would anyone want to invest some hard earned dollars in some account in Kenya? Why???
Only a dummy would give the…
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Only a dummy would give the government of Kenya his earned income to invest for him.
This rat smells terribly bad…
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This rat smells terribly bad! Count me out completely.
Better I keep the $s in my…
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Better I keep the $s in my pockets than having goldenburg/NCC cemetery gangster,Mudavadi incharge.Who told jambazi Ruto that I have excess money for safe keeping?He should return all the property he has stolen plus those stolen/grabbed by kina Torroitichs,Kamaus,Mwais, Wanjigi,Uhuru,Raila,Pattine,all druglords,past/present governors,senators,MPs ,etc MAKASHIA.
Sacco such as KNAD are fake…
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Sacco such as KNAD are fake and will not answer your email and the money I paid $1000 is kind of lost.
Pole maamtoto, sacco are…
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In reply to Sacco such as KNAD are fake… by mama watoto (not verified)
Pole maamtoto, sacco are money pits. No accountability based on what you see the reasons why they collapse. Long distance stuff is nuts
True saccos are a risk …
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In reply to Pole maamtoto, sacco are… by Keep standing (not verified)
True saccos are a risk . some few years back a certain sacco board members were asking me to sell them land excessively but give them the 1m for every acre directly . i refused i would never steal for anyone that sacco was from landless low earning people who want to own a peace of land.and i would have to pay tax for the money they pocketed nevertherless i just thought why would i help them to steal ? i have never stolen or had a thought to steal anything in my life and now these gang is asking me to start! i hear so many stories since that i would never advise anyone to join a sacco . save and buy directly . some banks in Kenya give interest in foreign currency fixed accounts.best is to open a foreign account looking at the weakening of the kshs
Fools are many. They will…
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Fools are many. They will still join
the Kalenjins can take their…
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the Kalenjins can take their money there!
Well said! These thugs are…
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In reply to the Kalenjins can take their… by Seneca (not verified)
Well said! These thugs are the most corrupt in the whole country of Kenya! Let them bank with their thieving guy Ruto. Who would be so stupid to let Ruto manage his money?
a government it does not…
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a government it does not matter from which planet is not a commercial entity . why is Kenya government involving itself with private money for people who live in developed countries where the opportunities are transparent unlike Kenya . why cannot the government help create opportunities for kenyans in Kenya? why us ? it is a shame the government is so much relying on personal monies. is that why they are doing human trafficing to Israel whereas kenyan were not relevant before the war ? guys keep your monies in your purses
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