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Tapping Diaspora Kshs 1 Trillion Remittances to Finance KUP Property Developers

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Diaspora dollars once they buy Kenya shillings end up in Kenya banks. Diaspora dollars once they buy Kenya shillings end up in Kenya banks.

Once Diaspora money is remitted and it arrives in Kenya, the final destination of the money is becoming a bank deposit. In 2010 – 2016 Diaspora remitted about Kshs 700 billion. During the same period the total deposits in all Kenya Banks grew from Kshs 1 trillion to about Kshs 3 trillion. The loan advances from deposits grew from Kshs 721 billion to about Kshs 2.5 trillion. In 2017 – 2021, the total Diaspora remittances will be about Kshs 1 trillion. The bank deposits are projected to grow to Kshs 6 trillion and loan advances to Kshs 5 trillion.

Kenyans who have come up with property production systems have been able to tap the loan advances and have grown their income. Diaspora, even though, contributing a large amount that leads to Kenya Bank deposits growth and loan advances have not been able to get loans advances. Kenya University Project (KUP) – Property Developers system for the production of housing property is set-up to enable Diaspora access loan advances as Kenya Bank loan advances grow from Kshs 2.5 trillion to reach Kshs 5 trillion by 2021.   

KUP - Property Developers who have opened Property Developer files at Attorney Njoroge Kamau law firm and KCB Bank Diaspora accounts are excited that KCB Bank will work with the Diaspora. KCB Bank loan advances were Kshs 96 billion in 2009. The loan advances grew to Kshs 346 billion by the end of 2015. The loan advances are projected to grow and reach Kshs 700 billion by 2021. 

Kenya University Project – Institution Town Development Plan is town development to have 30,000 residents in 5 years and create 20,000 new jobs in the town. The KUP – Property Developers will develop the town houses that will become homes of those who get jobs and become residents. Once the property developers sell the property to those now part of the town they will make a property developer income.  

The Diaspora remittances will have enabled a Diaspora Kenyan get a Property developer income, a Kenyan in Kenya get job income and the person working in the town with their families have a good place to live in and eventually become a homeowner once the Diaspora Developer sells the house to them.  

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