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Reverse remittances

29 Nov

We always talk about sending money to Kenya, which is very understandable because that is the primary reason why most of us are in the Diaspora anyway. With the Kenyan economy beginning to recover, the idea of sending money from Kenya to the UK has become a real possibility and in fact a reality that many of have had to consider as the economic situation in the first world has faced a lot of challenges of late.

First world immigrants have long been propping up family members back home (and by extension, developing-world economies) with remittances. Now they’re asking for the favour to be returned. A new phenomenon of “reverse remittances”—cash flowing backward from developing countries to immigrants in rich nations—is on the rise.

Maybe it is time money transfer companies started focusing on providing a more sustainable service for these immigrants as these remittances are most likely serving as a lifeline to family abroad

 
 

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