Governments 'need to make the most of remittances'
Over one-in-ten (14 per cent) adult Kenyans regularly receive $735 (€524) in remittances every year from family living abroad, new research has revealed.Conducted on behalf of the World Bank, the study found the money is sent in seven payments of $105. Speaking in Nairobi, Sergio Bendixen - president of market research firm Bendixen, which conducted the survey - was quoted by Bloomberg as saying Kenyans living in the US, UK and UAE were among those who send home the most money.
And the body is urging governments across Sub-Saharan Africa to cooperate with remittance service providers to ensure the income has as big an impact as possible on the economies of countries in the region. Africa Region Director for Finance and Private Sector at the World Bank Marilou Uy stated: "The public and private sectors must do well what they do best and rise above their respective limitations to maximise the potential of remittances."
And Michael Fuchs, Adviser to the World Bank's Africa Region on Finance and Private Sector Development, said there is a need to improve legal and regulatory frameworks to ensure payments from overseas can "facilitate" services such as loans and mortgages.