Influence of Cross Border Remittances on the Strategic Implementation of Economic Pillar of Vision 2030 in the Migration Departments in Kenya

Abstract

Utilizing remittances technologies is one of the many obstacles that organizations face when implementing their strategies, how to increase profitability of key sectors from remittances, adjusting existing policy to improve remittances and enhancing ease of doing business based on remittances. However, it should be recognized that these difficulties are special due to the organizational context, whether internal or external, and the nature of the organization. The goal of this study was to ascertain how cross-border remittances affected Kenya’s strategic implementation of Vision 2030. The specific objectives were: determining how cross-border remittance technology affected the strategic implementation of Vision 2030, to assess the influence of cross border remittances profitability of key sectors of the economy on the strategic implementation of vision 2030, to assess the influence of Kenyan cross border remittances regulatory policy on the strategic implementation of vision 2030 and to assess the influence of cross border remittances ease of doing business on the strategic implementation of vision 2030 in Kenya. The research was directed by the motives of remittance, open system and resource-based view theories. The research design used in the study was descriptive. The 51 management staff of the Department of Immigration Services, the 69 employees of the CBK’s remittances department, the 69 employees of the banks with diaspora banking departments (Kenya Commercial Bank, Co-operative Bank, and Equity Bank), the senior staff for vision 2030, and the senior officers in the Ministry of Planning who were in charge of diaspora remittances and aligning with the blueprint for vision 2030 were the study’s target populations. Using the Yamane (1967) formula, a sample size of 119 was selected using stratified sampling technique . The strata were divided according to type of population. After locating the respondents, they were selected randomly from each stratum. The respondents to the survey provided information via a questionnaire. For reliability of the instrument, a value of 0.878 for the total reliability test coefficient was achieved, which satisfied the requirement for data collection. In order to guarantee content validity, a total Content Validity Index (CVI) of 0.819 was attained. Additionally, face validity was established utilizing expert judgment, particularly the supervisor’s feedback. Quantitative data that was displayed in tables, charts, and graphs was analyzed using descriptive statistics including means, standard deviations, frequency counts, and percentages. The dependent variable and independent variables were tested for associations using correlation and regression analysis. The study assessed how cross-border remittances affected Kenya’s strategic vision 2030 execution. Since all of the p values were less than 0.05, the correlation results demonstrated that all of the elements significantly and favourably influenced Kenya’s strategic implementation of vision 2030. Cross border remittances technology (r =0.802, p = .000); cross border remittances profitability (r =0.656, p = .000); cross border regulatory policies (r =0.592, p = .000); and cross border remittances ease of doing business (r =0.678, p = .000), all showed a significant influence. Additionally, the findings of the regression analysis showed a substantial and favourable association between each element and Kenya’s strategic implementation of Vision 2030: Cross border remittances technology (R

2 = .643, F = 181.698, p = .000); cross border

remittances profitability (R

2 = .431, F = 76.467, p = .000); cross border regulatory policies

(R 2 = .350, F = 54.445, p = .000) and cross border remittances ease of doing business (R 2 = .460, F = 86.008, p = .000). It is recommended that in order to enhance remittance transactions, further comprehensive innovative money transfer methods should be implemented for technology. The study also recommends that non-governmental organizations can help Kenyans living in diaspora to facilitate channelling of funds and resources to effectively grow business.