This first video is a short snapshot of the impact the Remittance Access Initiative (RAI) is having in the seven African target countries.
Location: Kenya
‘The role of SACCOs as international remittance providers in Kenya’ report sheds light on whether Kenyan SACCOs can play a larger role by offering remittance services directly.
Remittances are a crucial part of Kenya’s economy, surpassing traditional foreign exchange. Globally, and particularly in East Africa, SACCOs (Savings and Credit Cooperative Organisations) play a vital role in providing financial services. The research surveyed 140 SACCOs in Kenya, revealing that nearly a quarter currently offer remittance services, and of these, one-third are developing products tailored for the diaspora. SACCOs have expressed interest in offering remittance services, presenting a key opportunity to provide regulatory, strategic, and operational support for broader reach and more favorable business models.
This diagnostic offers a comprehensive assessment of Kenya’s remittance market, particularly in the context of the COVID-19 pandemic. Utilizing a market-oriented approach, it includes both a supply-side analysis and a review of three key inbound remittance corridors.
Enhancing the economic empowerment of Kenyan remittance senders in Germany and Uganda, and rural recipients through cost-effective digital channels and enabled access to financial services.
Initiative aims to enhance the financial resilience and economic empowerment of remittance families through cost-effective digital channeling and safeguarding of remittances.
PRIME Africa aims to gather key stakeholders in the Kenya remittance industry to facilitate dialogue among parties, share information, challenges, opportunities and practices. The objectives of the CoP are to: Connect remittance stakeholders across sectors to facilitate dialogue, exchange knowledge, develop joint initiatives and identify solutions Allow access to a shared repository Update members on data, markets and regulations Enhance company visibility
This document provides an update to the original Kenya country diagnostic that was produced in 2021. This report focuses on significant changes that have occurred since that time.
