Sharp Daily
No Result
View All Result
Wednesday, September 17, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

Govt targets KES 1 trillion in remittances from Kenyans abroad

Austin Wekesa by Austin Wekesa
February 12, 2024
in News
Reading Time: 2 mins read

The Kenyan government is embarking on initiatives to bolster remittances from Kenyans residing abroad, with a target of reaching at least KES 1 trillion annually to enhance the nation’s foreign exchange reserves.

The State Department for Diaspora Affairs (SDDA) has initiated a search for a consultant to conduct a survey aimed at formulating a framework and strategy for augmenting remittances. This endeavor is in line with the government’s objective to achieve the KES 1 trillion benchmark by 2027, as outlined in a tender document.

Recent data from the Central Bank of Kenya (CBK) indicates that remittances have averaged approximately KES 568.7 billion over the past five years, with a 4.0% growth to KES 642.4 billion recorded last year. To attain the set targets by 2027, a growth rate of about 36% is necessary.

Notably, the data highlights a significant growth in remittances, rising by 50.2% from KES 446.1 billion in 2019 to KES 642.4 billion in 2023, indicating the feasibility of the targets even without additional interventions.

RELATEDPOSTS

Government launches new program to connect 1 million youth with jobs each year

October 30, 2024

Government to sell shares in six listed entities

June 11, 2024

However, there is a slight concern regarding remittances from Kenyans in the United States, which constitute nearly 60% of all remittances from abroad. Despite this significant share, remittances from the US saw only a marginal increase of 0.3% to KES 373.2 billion.

This can be attributed to various factors, including inflationary pressures in the US affecting disposable income available for remittances. Nevertheless, CBK governor Kamau Thugge remains optimistic about the growth of US remittances, citing the robust economy and job market in the US. He anticipates continued growth in the amount of money sent home from the US in the foreseeable future.

Previous Post

KES 5million proof of capital now mandatory for investors

Next Post

Kiptum’s father reveals intriguing events before his son’s death

Austin Wekesa

Austin Wekesa

Related Posts

News

September snapshot: CMMF yields 13.12% as month unfolds

September 5, 2025
Private equity investment business concept
News

Private equity and insurance

September 4, 2025
News

Kick financial goals: Invest with CMMF this football season

August 22, 2025
commercial illustrator
News

Why Kenyan private equity firms should consider continuation funds as an exit strategy

July 23, 2025
Business

Del Monte foods files for bankruptcy in USA

July 3, 2025
News

Private vs Public Pension Funds in Kenya

June 30, 2025

LATEST STORIES

Sustainable mixed-use developments in Kenya

September 17, 2025

Real Estate project financing models shaping successful developments

September 12, 2025

Alternative investments: Opportunities and risks

September 12, 2025

Mid-September momentum: CMMF posts strong yields and growing trust

September 12, 2025

Unlocking Home Ownership Through Retirement Savings in Kenya

September 12, 2025

The role of FDIs in driving sustainable development

September 11, 2025

How increased oversight can clean up the insurance sector without stifling innovation

September 11, 2025

Why retail investors hold the key to Kenya’s capital market growth

September 11, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024