Atlanta Kenyans at D.C conference

The vision 2030 was first unveiled to Kenyans attending an Atlanta Disapora Conference held in in March 2007 at Kennesaw State. Over 1,000 Kenyans in attendance would see pillars and specifically the economic advancement projecting a growth rate of 10%. This time around Kenyan business people and professionals from Atlanta attended the Diaspora Conference with the Vision 2030 taking center stage. Frank Kioko says he has played his part. After the Atlanta conference he would take the initiative of helping Kenyans open bank accounts in Kenya through Equity bank. The Diaspora Kenyans have opened accounts and made deposits in these accounts.

In 2007 many of the banks had few deposits which meant very few loans advanced. With the Kenyans abroad becoming part of the process more money was put in Kenya banks and this has contributed to more loans advanced in Kenya and more people employed as a result of this deposits. Agents like Kioko who say they put in thousands of hours to help Kenyans attain the goals of vision 2030 are proud of there work. A bank like Equity Bank which was embraced in 2007 by Diaspora is today the biggest beneficially of this Deposits. In 2007 the deposits of the bank were about Kshs 31 billion and is almost now on the Kshs 105 billion mark. Thanks to agents like Kioko and others who worked tirelessly to help open the bank accounts that have channeled the needed capital inside the banks and inturn this banks increased their lending. 

In discussing the amount that Kenyans Diaspora has contributed an estimated figure of about Kshs 150 billion of the estimated Kshs 1.5 trillion held as deposits is projected to be from a Kenyan living abraod. However, many argue that this capital collectively does not benefit the Kenyans in Diaspora saying  when this capital is paid interest at about 1% then the earnings for the Diaspora depositers collectively is Kshs 1 billion. Those who have done this analysis say this capital is about the same amount to the capital anchoring the top five banks whose shareholders will earn about Kshs 50 billion before taxation. In just 2010 a bank like Equity earned 9 billion against a sharecapital of Kshs 27 billion. Those who look at this say, “It is overdue for a bank to be formed by the Diaspora if the Diaspora will be able to use the capital in high growth investments like bank shares.” 

Those who advocate for a bank geared to Diaspora point to the fact that the bank would also be a catalyst toward getting Vision 2030 to the 10% that has not been achieved as projected. The argument is that even though factors such as the 2007/2008 disputed elections, the global recession and the recent drought have contributed these are not the main reason for failing to achieve 10%. The biggest problem is said to be the slow process that leads to wastage of time in the banking sector and lack of the spirit of develping the country in many government offices.

Optimism among the attendees of the conference is that this time around 4 years down the road the 10% economic growth per annum projected will be achieved.