Kenya plans to boost forex inflows by lowering cost of diaspora remittances

central bank kenya
Central Bank of Kenya

Kenya’s central bank said Friday it plans to boost the level of foreign exchange inflows by lowering the cost of diaspora remittances.

Patrick Njoroge, governor of Central Bank of Kenya (CBK), told a virtual meeting in Nairobi that local banks and telecom companies have been encouraged to partner with foreign banks and other entities in order to reduce the cost of sending money into Kenya.

“Our target is to reduce the cost of transferring funds to Kenya to between two and three percent of the funds transferred in order to increase Diaspora remittances,” Njoroge said during a meeting between CBK and officials of Kenyan missions abroad and the Kenyan diaspora.

Njoroge observed that there are an estimated 1.5 million Kenyan adults in the diaspora who can play a huge role in the country’s economic development through sending money back home.

He said that Kenya will also seek to boost the level of diaspora remittance by enhancing overseas marketing of investment opportunities available in the country.

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Njoroge noted that the country is one of the most open economies in sub-Saharan Africa in terms of allowing foreign direct investments into the country.

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