Remittances by Kenyans in diaspora have reached Ksh1 trillion ($7.746 billion) per annum, a fat that has prompted some of the remitters to suggest a special formula that can help monitor the impact of the funds on economic and infrastructural devlopmnt.

The estimated Ksh1 trillion shillings remitted yearly by Kenyans in diaspora, if harnessed, as the potential to grow Kenya’s economy by bigger margins if invested in critical sectors, they say.

Zaccheaus Rop, a Kenya’s US-based doctor suggests that an auditable formula be designed to allow yearly foreign remittances to flow into the country and strengthen urban infrastructural development throughout the country.

Rop admitted that Kenyans in diaspora play a critical role in the economy through their yearly remittances, which reached Ksh1 trillion last year.

The funds are far higher than the loans and grants by the World Bank and International Monetary Fund IMF) in a single year. The diaspora legion now wants to have a say in how their remittances are invested by recipients.

According to IMF data, “As of December 2024, Kenya’s total external debt, including loans from the IMF and World Bank, stands at Ksh5.06 trillion. This figure reflects the country’s reliance on these international financial institutions for its fiscal needs and economic reforms. The World Bank’s loans represent the largest share of Kenya’s multilateral debt, with total loans amounting to Ksh1.52 trillion.”

Against his backdrop, Dr Rop says, “As a country, we need to have a serious discussion with Kenyans living in diaspora on how best they can use their remittances in improving rural towns,” Rop said when he issued cheques for Grade 10 students through his Hokil Foundation at St Francis Catholic Church in Mosoriot town.

Rop singled out cases where money remitted from abroad is directed to unproductive ventures like building homes in rural Kenya yet the markets and village centres do not have sufficient building infrastructures for their growth. He said formal engagement should be structured so that remittances are directed well to develop the upcoming urban centres across the country.

The Hokil Foundation founder, however, challenged the national and county governments to rein in bogus foreign registration agents that have conned unsuspecting Kenyans of hefty sums of money.

Rop called on the government to strictly issue guidelines and regulations to government agents who are seeking to export Kenyan labour or linking them with foreign study colleges. He regretted that some Kenyans are tricked to sell the only land or even sell vital property to secure foreign jobs but end up languishing in poverty in the streets of foreign cities.

The philanthropist has secured education scholarships for more than 300 poor bright students through his Hokil Foundation in Nandi County for the past four years.

H said his foundation receives close to 5,000 applicants every year from students in need of sponsorship but his foundation can only accommodate 100 students.

“I call upon other good Samaritans to sponsor bright and poor students in Nandi and since education is the only sure way of eliminating poverty,” he said.

• A Tell Media / KNA report / By Geoffrey Satia