Kenyans living abroad have announced plans to open a microfinance bank that would help drive their investments in the country.
Kenya Diaspora Alliance global chairman Shem Ochuodho said they are currently working on a collective investment scheme to raise funds that will be used in setting up the bank.
“We intend to collect at least $10 million dollars ( Sh1 billion ) through the scheme before embarking on taking the micro bank route,” Ochuodho said.
He noted that it would be easier to invest and rally resources together as compared to sending funds in the country as individuals. Principal Secretary state department for shipping and maritime Nancy Karigithu urged the diaspora to tap into any of the 31 sub sectors of the Sh3 billion maritime sector.
She said, this would open more doors for job creations and its proceeds used in addressing socio-economic challenges faced by many Kenyans.
According to the alliance, at least only 25 per cent of diaspora remittance goes into investment while the rest goes into personal consumption.
