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Credit Bank Partners With Diaspora Alliance to Offer Banking Solutions
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Credit Bank partners with Kenya Diaspora Alliance in a bid to offer them banking solutions
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THE STANDARD
BUSINESS
NAIROBI, KENYA: Women in Micro, Small, and Medium Enterprises (MSMEs) play a pivotal role in Kenya’s economy contributing significantly to the labour force.
Despite the effort, access to affordable finance remains a challenge to many.
“MSMEs are employing approximately 14.9 million Kenyans in various sectors of the economy and a bulk of them are both youth and women-led,” noted Dr Shem Ochuodho global chairman of Kenya Diaspora Alliance.
“The MSMEs in Kenya however face numerous constraints in accessing affordable finance for their enterprises.”
He was speaking at a virtual event organised by the Kenya Diaspora Alliance and women in Business and Jua Kali Federation.
CBK Targets Billions Sent by Kenyans in the Diaspora
CBK Governor Patrick Njoroge speaking during a press conference on March 30, 2021
File
The Central Bank of Kenya is seeking to develop a policy framework that would allow Kenyans living and working abroad to venture into direct investments within the country.
A report by the
Business Daily indicated that the framework would include incentives such as tax rebates which would lead to an increase in remittance inflows.
Diaspora remittances are funds sent by a person in a foreign land to their home country.
President Uhuru Kenyatta (left) and CBK Governor Patrick Njoroge touch legs as he hands over the Ksh7.4 billion cheque at State House, Nairobi on March 20, 2020.