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Archive for September, 2010

The impact of remittance…

07 Sep

Kenya which is situated on the equator on Africas east coast has been described as the cradle of humanity.In the present day,Kenya’s ethnic diversity has produced a vibrant culture.With a population of approximately 39.8 million.One of the pressing challenges include high unemployment, crime and poverty; most Kenyans live below the poverty level of $1 a day.

Domestic and international migration has become a strategy for individuals and families in developing countries like Kenya  to cope with poverty and economic crisis. Migrants attempt not only to improve their own livelihoods but they also send a considerable share of their earnings to their families in the region of origin.The importance of remittances in Kenya is evidenced by the numerous money transfer institutions in both formal and informal sectors and the rapid increases in both international and local remittances. The domestic money transfer system has received a boost with electronic money transfer services provided by mobile telephone service providers.

Remittances have been argued to have great potential to generate a positive impact on recipients’ welfare. This is mainly because they go directly to family members without any intermediaries and they are available to the recipients to use them according to their own priorities. For example, households may decide to use them to finance basic consumption,education, health, improvement of dwellings, purchase of real estate and investment inbusiness. They may be especially important in supporting micro-enterprises. Remittances can potentially play a significant role in the stimulation of economic activities at local levels. In addition they help households maintain their consumption levels even through economic shocks and adversity. For developing countries,international remittances are seen to be a more constant source of income

Remittances both local and international have continued to increase over time. This trend is likely to continue as more and more Kenyans are still seeking for work and study opportunities in different locations both national and international

 
 

Mobile money-the best way to remit to Kenya

06 Sep

Mobile phones not only have the benefits of us communicating with our loved ones back home,but they also have the potential to offer individuals who don’t have a bank account the ability to transfer as well as receive money cheaply and efficiently.

Every year around billions worth of remittances cross borders – perhaps more, if you count the envelopes of notes carried informally, by a friend or associate for example.The mobile trade body, the GSM Association, believes ‘money by mobile’ is the only way to serve the world’s ‘unbanked’ – particularly the many people worldwide who rely on money sent home by migrant workers.In developing countries the financial structure is not there but mobile phones have made all the difference!Online money transfer companies like mukuru.com send money instantly to Kenya offering a convenient, more secure and a cheaper options of sending money.You can send to any Mpesa registered Globe phone and cash can be collected from over 18,000 Mpesa outlet by simply placing the order and making the payment online using your card and your recipient notified instantly via sms.


 
 

Remitting funds to Kenya

03 Sep

M-PESA is a Safaricom service allowing you to transfer money using a mobile phone. Kenya is the first country in the world to use this service, which is offered in partnership between Safaricom and Vodafone. M-PESA is available to all Safaricom subscribers (Prepay and Postpay), even if you do not have a bank account. Registration is FREE and available at any M-PESA Agent countrywide. The M-PESA application is installed on your SIM card and works on all makes of handsets.

There are now several ways you can send money from overseas back to Kenya, and into your recipient’s M-PESA account. One such service is Mukuru.com, which lets you pay online instantly with your credit or debit card, and money lands on your friend’s handset in a flash!