Recently, a number of rich countries that host a large number of migrants are considering taxation of outward remittances, in part to raise revenue, and in part to discourage undocumented migrants. The list of countries where such taxes are being considered includes Bahrain, Kuwait, Oman, Saudi Arabia, the United States, and the United Arab Emirates. […]
Mobile Money
McKinsey: Corporates Need Faster Payments, Too
Dec 7, 2016 | Meghan Elison Transaction account balances are higher than ever. Image: Shutterstock Correspondent banking is transforming, piece by piece. Banks are busy digitizing on the back end to compete with new challengers who have been working to unbundle banking services. So far, this has mainly affected consumer products, with challengers like Transferwise […]
Can PesaLink disrupt fintech industry in Kenya?
After delaying for almost two years, the Kenyan Banks have finally unveiled the Kenya Real Time Interbank Switch (PesaLink), which will enable users to make real time money transfers via their mobile phones. In this note, we highlight why the product may be more successful than similar offerings in gaining traction within the mobile payments […]
Kenyans abroad: Pillars of the country’s economy
The number of Kenyans living and working abroad is fast rising and projected to hit 3million in 2017. Migration to other countries has often been linked to seeking of opportunities professionals, education and just as tourists. They maybe miles away but as always in the Kenyan spirit, they have kept constant touch with their roots.
There is a Fresh Way to Send Money Home
The mobile money transfer industry is slowly and rapidly taking over in East Africa. With agents every corner around the country, it proves to be the most widely accessible means to receive money. Transfers between person to another or business to business within the country have really improved in speed and efficiency.
East Africans in Diaspora are Building Economies Home
People who send money to Kenya, Uganda and Tanzania do so for a number of reasons. These can range from helping with school fees, housing and rent costs, buying food or purchasing necessary supplies. In many situations, however, people from east Africa living abroad are able to use their earnings to start businesses back home […]