Ping IT allows free mobile money transfer from the UK.
Diaspora Remittances
These institutions are entering into this market so as to
have a share of the cake of the remittances to Kenya by Kenyan’s living in the
Diaspora. The Central Bank figures on remittances to Kenya for year 2011 stand at a whopping $ 891,129
If the global economic recovery is to happen currently there
are dark clouds hanging in Europe over the split of the Euro as a result of the
Greek crisis which could be followed by either Spain or Italy. However, the
United States seems to be out of the financial woods then remittances are bound
to increase in the coming years and go to the pre-2007 years.
A substantial number of Kenyan’s live in abroad in Europe
and United States. Most Kenyan’s go abroad in search of higher education but
end up settling there after graduation. Since our society is knitted for
children after graduation to support their parents then money is bound to flow
North-South.
Industries
benefitting from Diaspora Cash
Apart from the normal family support given from overseas to
parents by siblings living there, other industries have received a boom from
these remittances.
Pioneers
Pioneers to this market were Mama Mikes which was set up by Segeni in 2001. Segeni had lived abroad for a few years thus knew the problems they faced in remitting monies to Kenya. Mama Mikes deals with gift vouchers.
Others
The construction industry has also benefited substantially.
Currently Nairobi is experiencing a housing/residential boom if the housing
billboards on highways and housing exhibition are anything to go by. Kenyan’s abroad
have been keen on building houses for their folks and houses in which they can
retire to.
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