Why is this news? Remittances are a big deal in Kenya and many African nations. They are a major source of income for many families as well as the African economy. Last year, Kenyans living mostly in North America and Europe sent $3 billion home, its biggest source of foreign exchange.
Kenyans in the diaspora can invest locally for as low as $5. They will be able to make payments via a mobile app using M-Pesa, Kenya’s most popular mobile money platform.