Though it’s said year in year out, Kenyans living abroad still fall victims to con artists back home while trying to invest their hard-earned cash.
Be it from relatives or ghost companies and investment projects, a good number of people in the diaspora know a close friend or two who have lost a substantial amount in bogus investments.
Year-on-year, the remittances from Kenyans abroad have gone up by 23.1 per cent or $42 million (Sh4. 15 billion) according to data released by Central Bank.
This comes from about three millions Kenyans living abroad with a bigger chunk of it coming from North America and Europe.
Kenya Diaspora Alliance global chairman Shem Ochuodho in a recent press conference, urged Kenyans to focus on investing in government bonds and resources since it’s the safest bet.
Analyst Mukurima Muriuki who is based in California also penned a short, yet simple letter aiming to awaken Kenyans abroad and how they can better their investments.
Read the letter below:
“I accompanied a friend in Diaspora to see a plot she had purchased; you know how things are sold to us while miles away from home.
“It is a nice home, but then again, what was kept away from her was distance from the main road.
“Actually it is not a problem, only that there is no road and the “road” that was advertised is a figment of imagination. So you can imagine accessing the house!
“Let me just say, be wise. If you are buying an asset in Kenya, go do it yourself. If you cannot, send me! I mean it. It is sad many Kenyans in Diaspora are getting conned. And the way the dollar is becoming elusive, like Wanugu!!
“Those photos you see on websites, to the most part are accentuated. They do not represent reality on the ground.
“By the way, if you are committing Ksh 10, million for a project that you are not controlling, why not invest in 7-year bonds or 1 year T-bills. The current interest rate of the latter is 12%. Meaning every year you stand to earn 1.2 million in interest