Central Bank of Kenya reports show the Diaspora remittances growing to $1.2 billion in the months of January to March 2024 when compared to the January to March 2023 of $1 billion. The Diaspora Kenyans in the U.S.A continued to remit the most remitting $644 million that is about 53% of the $1.2 billion. Dr. Wilson Endege of Boston, MA is currently asking Diaspora Kenyans to join him and apply their remittances in medicines and vaccines production in Kenya.
As per CBK reports in the last 20 years, from 2004 to 2013, the Diaspora remittances have risen from $338 million to $4.189 billion. When one adds the $1.2 billion remitted in the first quarter of 2024 to the $34.088 billion remitted 2004 – 2023 the total remittances amount, since CBK started recording January 2004 to the close of March 2024, is $36.294 billion.
Diaspora Kenyans who are progressing the Diaspora University Town (DUT) were motivated to start this development plan based on seeing how the U.S system turned their human resource of intellect and time to money. They were also motivated by the growth of the U.S GDP as well as the wealth creation through jobs creation and housing development.
Over 90% of remittances come from the jobs created abroad that Diaspora Kenyans take up. The $644 million remitted from January to March 2024, that is about 53% of the $1.2 billion, came from the jobs created in the U.S.
With a goal to create jobs and provide quality affordable medicines and vaccines over 200 Diaspora Kenyans have joined Dr. Endege in progressing the Daktari Biotechnology Ltd Medicines and Vaccines production plan. They are remitting to build and equip the building designed by Architect Prof. David Ogoli of Riverside, CA.
Dan Kamau, formerly of Worcester, MA who is the progressing the Diaspora University Town (DUT) project of 15,000 jobs creation, university development, town development, DUT Credit Ltd financial company, Daktari Biotechnology Ltd medicine and vaccines, and over 300 MSMEs says DUT is a project for converting Diaspora remittances to wealth. He adds, "The project will create about Ksh 150 billion wealth and this wealth and grow Kenya GDP by Ksh 15 billion."
Speaking about the about 500 Diaspora Kenyans who have remitted money to the DUT jobs creation project Dan says this are what in marketing we call early adopters. Very soon we shall have over 5,000 Diaspora Kenyans remitting to progress the Daktari Biotechnology Ltd plan and other DUT jobs creation plans. The approximately $15 million the Diaspora Kenyans will put in will be part of creating 1,000 new jobs and the Ksh 60 billion new wealth through company shares valuation.
Dan further adds that in the next 7 years, by 2030, Diaspora total remittances will be almost the same $34 billion they remitted in 20 years from 2004 - 2023. The only difference is that this time around, over 50% will go toward jobs creation and wealth creation.
The biggest wealth creation opportunity in Kenya for the Diaspora remittances is the creation of 30 million jobs for the Kenyans who will be aged over 18 - 65 years old by 2030. The Diaspora remittances come from the jobs created and wealth created abroad. This is where the remittances will go to. Daktari Biotechnology Ltd is today ready to receive $15 million.
