Fund-Manager_1600x900-1024x576.jpg

Kenya: First Diaspora Investment Fund Launched

Fintech

Sept. 28, 2020, 1:57 p.m.

Kenya has introduced its first licensed investment for citizens living outside the country. The aim of the fund is to channel a large portion of the diaspora’s money into developmental projects across the country.

African Diaspora Asset Managers (ADAM) as the investment firm is called, was granted its license by the Kenyan Capital Markets Authority. It will provide a safe and regulated investing body for Kenyans living abroad.

Moreover, it also allows Kenyans to make payments using M-Pesa, the country’s popular mobile money platform.

Commenting on ADAM, Abubakar Hassan, Director of Market Operations at the Markets Capital Markets Authority stated that, “Kenyans living in the diaspora send billions home every year, but mostly for consumption and social support. A few have tried their hand in investments including real estate and farming, but without a way to establish what is happening on the ground, it has in numerous instances ended up with them losing their hard-earned money. We are delighted with this development, as all this will now be a thing of the past, as those investing through these licensed diaspora Funds will have the recourse and protection of the CMA as a regulator.”

Susan Muigai, Adam’s Head of Global Business Development“ the use of technology will be the hallmark of the five diaspora funds, available to investors from all over the world as well as Kenyans. Using the ADAM mobile app, they are able to invest, check their investment balances and even sell their units in real-time using VISA cards, bank accounts and MPESA”.

According to statistics, almost 3 million Kenyans living mostly in North America and Europe sent an estimated $3bn in remittances to Kenya last year, which represents the largest source of foreign exchange for the country.

Do you have an article that can be relevant to the African Tech space?

Submit your news stories, articles or press releases to editor@digitaltimes.africa


Or

tag: Investment, Online Payments, Kenya, Fintech,

Dorcas

Dorcas Benewaa Author

Dorcas is an upcoming journalist. She loves the creative arts and loves to write about startups, digital arts and issues in the tech sector.

ADVERTISEMENT