Kenyans who reside abroad frequently send money home. They are referred to as diaspora remittances. They use the funds to cover tuition, medical expenses, maintenance costs for family members, and investments.
This expanding diaspora population faces several difficulties when it comes to investing, and some people are reluctant to focus their energies on investments.
Every month, the Central Bank of Kenya conducts a study on remittance inflows via authorized international remittance service providers in Kenya, including commercial banks.
Choosing the appropriate property, verifying the ownership of the property, having a responsible client, a lack of information, financial safety, and the opportunity to engage in reliable investments are some of the challenges that Kenyans who live abroad encounter when making investment decisions, whether in real estate or banking.
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Edward Ojuok is a Kenyan who lives in the diaspora. He shares some of his experiences while trying to invest in Kenya while still in the diaspora.
“I invested in Cytonn from the moment the idea was introduced and I have been an investor since,” said Edward.
Cytonn investment offers Kenyans who live aboard an opportunity to invest back home. Cytonn has built robust platforms with enhanced security features that allow Kenyans in the diaspora to track a variety of their available investment options back at home. The company has dubbed the opportunity Cytonn Diaspora.
Cytonn Diaspora is an independent platform that allows Kenyans in the diaspora to invest safely back home. They also boost confidence by having a 24/7 call centre that ensures there is always an available representative of the firm to answer clients’ queries.
“When the idea of The Alma property came up and was shared quite well in the diaspora, I jumped onto it. I paid for it and got a unit which was delivered within time,” Edward said.
Read: Cytonn Money Market Fund Returns Highest Yields
Effective communication while handling clients in the diaspora is essential. This leaves all parties involved satisfied. By delivering messages clearly, there’s no room for misunderstanding, which decreases the potential for conflict.
“My unit is managed by the Cytonn diaspora, they offered me a chance to open a money market fund account with them. I can comfortably track my rent and other expenses. I can easily send money to my family members and relatives,” Edward said.
Establishing systems that are effective and working acts as a reassurance to the clients, in return, the client has full confidence in the organization. This builds a trustworthy relationship between the client and the organization.
When one decides that they want to invest back home there are important things they need to put in mind. Having a goal in mind is the first and most crucial step in investing. This includes asking yourself questions like; Am I looking for a home or a commercial property? Is this a long-term or short-term investment? Is undeveloped or developed land what do I need?
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A good location is an important consideration in real estate investing now and in the future. Check the growth potential, accessibility, amenities offered, and nearby projects before selecting a location.
There are experts in every industry. Use a professional or an expert at every stage of your investment, whether it be in real estate or through another route. One of the steps is to look for legal counsel.
You may feel anxious when you examine the several investment options that are being provided to you. Though the worries and inquiries are valid, some of them include: Is this the right property? How can I find the ideal location? Am I purchasing from the property? Is this property real? When these inquiries arise, speak with the specialist to obtain clarification. Ask for a virtual tour of the property.
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