Tag: diaspora remittances
The World Bank has predicted a global plunge in remittances with sub-Saharan Africa anticipated to record a 23.1 per cent decline from $48 billion last year to $37 billion this year. East Africa is a leading beneficiary of remittances that have been central in propping up foreign exchange reserves and protecting regional currencies from excessive volatility. Sharon Karuga Kinyanjui, Head of East and Central Africa at World Remit joins CNBC Africa for more.
Diaspora remittances to Africa are expected take a huge knock as coronavirus lock-downs globally put the brakes on economic activity and the ability for expats to send money home. To discuss the current state of remittances in Africa, CNBC Africa is joined by Andrew Stewart, MD for Middle East and Africa at WorldRemit and Sayjil Magan, MD of Hello Paisa....
In Kenya, nearly a third or slightly more than one million borrowers will be removed from the country’s Credit Reference Bureaus (CRBs) following the central bank’s order to spare defaulters with unpaid loans of less than Ksh1,000. In addition, diaspora remittances to Kenya is expected to fall to its lowest as the consequences of lockdown in Europe due coronavirus. Felix Otieno, Investment Analyst at Cytonn joins CNBC Africa for more.
The top headline coming out of Kenya this morning is just concluded funeral of former President Daniel Moi and the burial happening in Kabarak this morning but that's not the only news coming out of the country. The Kenya Deposit Insurance Corporation (KDIC) has split from the Central Bank and is due to become parastatal, the stock market has seen an aggressive increase in activity over the past week and the Government is looking to avail opportunities for diaspora remittances to be invested directly into the Big 4 Agenda. Journalist, Joseph Bonyo joins CNBC Africa for more.
PwC Nigeria says official remittances to Sub-Saharan Africa grew by 10 per cent to $46 billion in 2018. Andrew Nevin, Partner and Chief Economist at PwC Nigeria says these funds are supporting economic activities on the continent. He joins CNBC Africa’s Esther Awoniyi for more.