President William Ruto has issued new directives to the Central Bank of Kenya (CBK) aimed at reducing the high cost of money transfers for Kenyans living and working abroad. Speaking in Doha, Qatar, on Tuesday evening, Ruto announced that the CBK will work with the International Association of Money Transfer Networks (IAMTN) to create a more efficient and affordable framework for cross-border remittances.
“I have instructed CBK to work with the International Association of Money Transfer Networks (IAMTN) so that we can find a much more cost-effective mechanism of sending money back home,” Ruto said during the United Nations Social Development Summit in Qatar.
Currently, Kenyans in the Middle East pay between 5 and 7 percent in transaction fees when sending money home. The President emphasized that the government’s goal is to make remittances faster, cheaper, and more accessible.
The planned collaboration is expected to establish a regulatory framework that enables licensed money transfer companies and fintech platforms to integrate directly with Kenyan banks and mobile money services. This move would eliminate costly intermediaries and streamline the process.
The initiative mirrors global best practices where diaspora remittances are processed through digital payment systems, allowing senders to use online platforms or digital wallets linked to mobile money services in Kenya. According to Ruto, Kenyans in Qatar alone remit approximately Ksh5 billion annually — meaning millions are lost to transfer fees.
In addition, the President revealed that the government is finalizing a Diaspora Bond to enable Kenyans abroad to invest directly in local infrastructure projects while earning returns.
“We are in the final stages of a diaspora bond to help Kenyans in the diaspora support investments back home while earning income,” Ruto noted.
He also reaffirmed the government’s commitment to protecting Kenyan workers abroad, stating that deployment will only occur in countries with formal bilateral agreements and active embassies to safeguard citizens’ welfare.
