Diasporans doing us proud

The latest Central Bank of Kenya (CBK) data show that Kenyans living and working abroad sent home $2 billion (Sh258.9 billion) during the first five months of 2024, which was an 18.9 per cent jump from the inflows of a similar period last year.

Though the traditional high diaspora source destinations are still way above the newer sources of remittances, the increased inflows from the destinations shows that more Kenyans are migrating to the countries. Data shows that Australia diaspora remittances were $ 64.13 million, Canada ($50.32 million), United Arab Emirates ($48.1 million) and Germany ($89.3 million). The Kenyan Diaspora has emerged as one of the best in Africa.

Four things are key from this growth in remittances. First, Diasporans and their interests should be protected and incentivised through, for example, coming up with more platforms to help and facilitate networks and partnerships between diaspora investors, local entrepreneurs and stakeholders.

Secondly, there is need to embrace and leverage on globalisation. The Kenyans in the Diaspora have already embraced that concept and have migrated to other nations where they are doing exemplary well. The future will be shaped by greater interconnectivity and the countries which have strategically prepared themselves will reap big.

Thirdly, Diasporans have played key roles in fostering patriotism, national unity, prosperity and driving socio-economic development through their remittances. They have joined hands with other Kenyans in building our nation through small but impactful ways and actions.

Lastly, Diasporans should be assisted to invest back home through the establishment and operationalisation of various instruments, among them the Diaspora Bond, which can be used for infrastructure financing, bank capitalisation and debt management.

Dr Giti is an urban management, public-private partnerships (PPP) and environment specialist. [email protected] , @danielgiti