There are over 3 million Kenyans living in diaspora with the bulk living in USA and Europe. The World Bank projected that Kenyans in Diaspora would remit a total of USD 2.9 Billion in 2020. However, Central Bank figures placed total inward remittances by Kenyans in Diaspora at USD 3.09 Billion. The World Bank however projected a decline in 2021. The Central Bank however acknowledges that they are only able to account for remittances sent using formal banking and money transfer services. Consequently, there is a high possibility that total remittances were well over USD 3 Billion. Kenyans living in Europe remitted the equivalent of over USD 500 Billion compared to those living in America who remitted over USD 1.7 Billion.
Kenya Vision 2030 recognizes Diaspora contribution as a major enabler to the growth of Kenya’s economy and critical factor in the achievement of our overarching vision of a globally competitive and prosperous Kenya by the year 2030. Kenya Diaspora Policy 2014 recognized the need to curb the high cost of remittances, improve consular services to address issues of Kenyans abroad, using the Kenyans abroad to promote tourism, tapping into diaspora talents for purposes of proper planning and engagement. It also recognizes the need to create awareness for Kenyans Abroad on the investment opportunities available in different sectors of the economy as well as create an incentive framework to promote Diaspora investments.
There are official statistics about the Sacco movement amongst Kenyans in diaspora. However, according Business Daily Africa, there are approximately 10 Saccos targeting Kenyans in Diaspora with three in the USA, one in the Middle East and several in Europe. The main ones include Kenya USA Diaspora Sacco, Kenya North America Diaspora Sacco and Kenya UAE Diaspora Sacco. Since Kenya USA Diaspora Sacco was registered in 2012, the government has recognized the potential of Diaspora Saccos especially due to the high levels of disposable income amongst Kenyans living in diaspora and has placed them under supervision of Sacco Societies Regulatory Authority (SASRA). AWE Diaspora Sacco can take advantage of the opportunities presented by the foregoing and dominate the European Market.