Nairobi, Kenya - The International Organization for Migration (IOM) is piloting a 12-month project in United Kingdom (UK) and Kenya aiming to reduce the costs of sending remittance between the UK and Kenya.

Remittances are money transfers from migrants to their families and communities in their home countries. They help millions of families overcome poverty and improve their access to basic social services such as health, education and housing.

Kenya is the third largest recipient of remittances in Sub-Saharan Africa, receiving USD 4.2 billion in 2023, with USD 334 million originating from the UK. According to World Bank data, the average cost of remitting USD 200 from the UK to Kenya is 4.8%, well above the UN Sustainable Development Goal target of 3%.

This project aims to address the barriers and gaps that both migrant workers in the UK and their families in Kenya face, to maximize the benefits and positive impact of remittances.

With its gender-responsive and whole-corridor approach, the project will engage with the Kenyan diaspora in the UK, financial industry stakeholders, policy makers, and receiving communities in Kenya. Initiatives will focus on increasing awareness of affordable remittance options, addressing regulatory and operational barriers, and enhancing digital financial literacy to empower local communities.

"Remittances are a vital source of income for many families in Kenya, but the high costs can diminish their positive impact," said Dimanche Sharon, Chief of Mission IOM Kenya. "This project will help ensure that Kenyan diaspora in the UK have access to lower-cost, safer options to send money home."

This project is funded with UK International Development from the UK government and builds on IOM's extensive experience in migration and development programming across the East and Horn of Africa region.

For more information: Cynthia Meru, cmeru@iom.int National Communications Officer IOM Kenya