Kenyan women living in the USA have registered a sacco with the Ministry of Cooperative Development to help them access loans for investment in Kenya. And the Kenya Commercial Bank (KCB) has already allocated Shs10 billions for loans to Kenyan’s in diaspora.
The sacco – known as the Kenya North American Diaspora (KNAD) has housing properties in the suburbs of Nairobi including Kangundo Road jn Machakos County and Isinya in Kajiando County.
The sacco says it is devoted to providing a channel for investments for Kenyan women living within the 26 countries that comprise North America.
It was officially registered in Kenya on November 28. 2016.
The SACCO announced the Executive founders as Penny Macharia, Lucy McKenzie, Regina Opiyo, Janet Mukene-Shaw, Ruth Kinyua (Diaspora Returnee), Purity Ateku, Maryanne Goetz and Wacu Ndirangu.
Signing the loan facility with the sacco, KCB said the loans will enable the sacco’s more than 2,000 members to borrow and invest.
The fund is part of the bank’s bigger strategy to reach out to Kenyans living abroad who are willing to invest in the country but face funding challenges.
“Over the years, Kenyans living abroad have been facing difficulties financing their investments locally. We created the fund after consultations with the management of the US Diaspora Sacco. They agreed to borrow from us to finance their members’ developments in businesses in the local and regional market,” KCB Head of Diaspora
Banking Vincent Aberi said. Some of the investments the sacco is interested in are wholesale and retail business, learning institutions, real estate. farming, transport
He said the diaspora are interested in investing at home, but are restrained by the lack of proper remittance structures, such as global bank and money transfer systems
According to the Central Bank of Kenya (CBK), Kenyans abroad remit more than Sh100 billion every year through commercial banks and other authorized international remittance service providers, such as Western Union, MoneyGram and M-Pesa.
Remittances have been constantly increasing with the latest received reaching Sh116.1 billion.
Nearly half of this money comes from Kenyans living in North America, followed by those in Europe and then other global countries.