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Archive for May, 2012

Just a click away

22 May

Connectivity! Arguably one of the most crucial factors when sending money to Kenya. It could make the difference between your recipients receiving their money instantly, within an hour, on the same day and receiving the money just moments after it is needed.

It is the crucial link between the first world and third world when it comes to remitting money. It is what makes the difference between sending money being just a click away and being miles away!

So it paramount for any remitter to consider how good or bad internet and mobile phone connection is wherever they intend to send.

In this regard, the development of Information Technology in Kenya has been relatively slow.  For instance, the connectivity problems are as a result of unusual socio-economic conditions in the country. Other reasons include poor economy, high foreign debt, alarming population growth, declining resources and social infrastructure, and degradation of the environment. These problems have direct impact on the implementation of the network and the kind of public policies that promote connectivity.

 
 

Rise in Kenyan Remmitances

16 May

The Central Bank of Kenya conducts a survey on remittance inflows every month from the formal channels that include commercial banks and other permitted international remittances service providers in Kenya.

In March 2012, remittances to Kenya amounted to US$ 106.4 million, or 48.7 percent higher than the level recorded in March 2011 and 2.14 percent higher than inflows recorded in February 2012. The average remittances inflow in the year to March 2012 amounted to US$ 82.9 million up from US$ 57.9 million recorded in the year to March 2011. The 12-month cumulative average remittances flow sustained an upward trend from the second half of 2010 . The increased remittances are attributed to among others:

  • Improvement in data collection techniques and proper classification of remittances by some commercial banks.
  • Aggressive outreach to the Diaspora to invest in Government’s Savings Development and Infrastructure bonds through these formal channels.
  • Increased competition among money transfer service providers that reduced transaction charges.