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Credit Bank Partners With Diaspora Alliance to Offer Banking Solutions
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Credit Bank partners with Kenya Diaspora Alliance in a bid to offer them banking solutions
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THE STANDARD
BUSINESS
NAIROBI, KENYA: Women in Micro, Small, and Medium Enterprises (MSMEs) play a pivotal role in Kenya’s economy contributing significantly to the labour force.
Despite the effort, access to affordable finance remains a challenge to many.
“MSMEs are employing approximately 14.9 million Kenyans in various sectors of the economy and a bulk of them are both youth and women-led,” noted Dr Shem Ochuodho global chairman of Kenya Diaspora Alliance.
“The MSMEs in Kenya however face numerous constraints in accessing affordable finance for their enterprises.”
He was speaking at a virtual event organised by the Kenya Diaspora Alliance and women in Business and Jua Kali Federation.
CBK Targets Billions Sent by Kenyans in the Diaspora
CBK Governor Patrick Njoroge speaking during a press conference on March 30, 2021
File
The Central Bank of Kenya is seeking to develop a policy framework that would allow Kenyans living and working abroad to venture into direct investments within the country.
A report by the
Business Daily indicated that the framework would include incentives such as tax rebates which would lead to an increase in remittance inflows.
Diaspora remittances are funds sent by a person in a foreign land to their home country.
President Uhuru Kenyatta (left) and CBK Governor Patrick Njoroge touch legs as he hands over the Ksh7.4 billion cheque at State House, Nairobi on March 20, 2020.
CBK woos Kenyans abroad with investment incentives
Tuesday April 06 2021
By CONSTANT MUNDA
Summary
Central Bank of Kenya (CBK) is looking at developing a framework that will offer special incentives to Kenyans abroad who set up businesses back at a home.
CBK partnered with the Foreign Affairs ministry and Kenya National Bureau of Statistics in conducting a poll on the diaspora between January and March 2021.
Central Bank of Kenya (CBK) is looking at developing a framework that will offer special incentives to Kenyans abroad who set up businesses back at a home.
Governor Patrick Njoroge says the findings of a survey the bank ran on Kenyan diaspora and recipients locally will inform the development of a facilitative policy that encourages increased targeted direct investment flows by citizens living and working abroad.
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