President William Ruto has announced new government measures to significantly reduce the cost of sending money home for Kenyans in the diaspora. Speaking in Qatar, Ruto directed the Central Bank of Kenya (CBK) to collaborate with the International Association of Money Transfer Networks (IAMTN) to create a more affordable and efficient remittance framework.

• Current transaction fees range from 5% to 7% for Kenyans sending money home, particularly those in the Middle East.
• The initiative aims to allow licensed money transfer companies and fintech platforms to integrate directly with Kenyan banks and mobile money systems, cutting out costly intermediaries.
• Kenyans in Qatar alone remit approximately Ksh5 billion annually, with millions lost to transfer fees.
• The government is also finalizing a Diaspora Bond to enable Kenyans abroad to invest directly in local development projects.
• President Ruto reiterated that Kenya will only send workers to countries with established bilateral agreements and diplomatic missions to ensure citizen safety.

Kenya and Qatar have signed a landmark financial cooperation agreement, with President William Ruto overseeing the deal between the Nairobi International Financial Centre Authority (NIFCA) and the Qatar Financial Centre (QFC). This aims to bolster financial integration and attract investments between the two regions.

• The agreement was signed in Doha, focusing on reducing regulatory barriers to enhance investment mobility.
• Main organizations involved are the Nairobi International Financial Centre Authority (NIFCA) and the Qatar Financial Centre (QFC).
• A key pillar of the cooperation is the joint development and promotion of Sharia-compliant financial instruments, including Sukuk and green Sukuk.