Kenyans In Diaspora To Invest Directly Back Home
ndovu, Africa’s leading wealth management platform that provides easy access to financial markets, today announced a strategic partnership with Tulix,…
The partnership will enable the African Diaspora to access Kenya-based investment opportunities in a transparent and easy way.
In 2021, remittances sent by migrant workers to and within Africa were estimated to be worth over US$95 billion. Kenya is among the five highest remittance recipient countries on the continent, receiving nearly USD 3bn annually (CBK, 2019). 25% of the remittances received are earmarked for savings and investments. ( IFAD).
Radhika Bhachu – CEO & Co-Founder ndovu – stated “Since our launch in 2020, there has been a pressing call from the diaspora for an easy way to invest back home. This partnership solves this need and allows our overseas-based brothers and sisters to be actively involved in the economic and financial development of our nation. In addition, this linkage reinforces ndovu’s mission to grow the Kenyan capital market while working closely with financial services regulators like CMA.”
Brian Muriu, Tulix CEO & Co-founder stated – “There is a growing need for Africans in the diaspora to contribute to their home economies through additional investment vehicles. Through Tulix diasporans can instantly pay businesses from abroad. Our goal is to develop more options for our customers to transact and invest in the local economy and reliance on strategic partnerships that offer added value is a key priority for us. Today’s partnership with ndovu, a company that reflects our drive for technology as the main driver of Africa’s future growth, is a testament to our belief in their innovative approach to developing an investing culture among Africa’s youth both local and abroad.”
The wealth-tech startup recently partnered with Grammy award-winning band- SautiSol on an initiative to promote financial literacy amongst Africa’s youth.