A new dedicated fund manager for Kenya and African Diaspora has been launched, and is the first of its kind to be licensed by the Capital Markets Authority of Kenya
While Kenyans in Diaspora send billions of shillings in economic remittance back to the motherland mostly to support family members, the African Diaspora Asset Managers (ADAM) seeks to empower Kenyans in Diaspora to access superior investment options in a regulated environment.
It is public knowledge that many Kenyans have suffered in the hands of unscrupulous dealers where money sent back home for specific projects is channeled to other use or the money sublimates into thin air. With the Capital Markets Authority involvement, those investing with ADAM should now feel at ease.
ADAM operates 5 funds for the Diaspora- The ADAM Money Market Fund, ADAM Fixed Income Fund, ADAM Equities Fund, ADAM Property Fund as well as the ADAM Business Growth Fund, a Private Equity Fund specifically seeking to provide debt and equity capital for SMEs in Kenya and Africa.
By using the ADAM App to invest, Kenyans in Diaspora can check their investment balances and even sell their units in real time using VISA Cards, Bank Accounts and MPESA. ADAM is also giving MPESA and VISA users an opportunity to set up automatic monthly investment standing orders which are processed from their VISA or MPESA Accounts into their ADAM investment wallet.
According to data available from the Central Bank of Kenya, Kenyans in Diaspora sent home a record $2.5 billion in 2019. Despite the global coronavirus pandemic, remittances to Kenya have not slowed down this year with the month of June recording an all time monthly high remittance of $288 million.