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Wednesday, April 17, 2024
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Kenya Diaspora Remittances Record Growth To Sh59.8 Billion

Kenya Diaspora Remittances Record Growth To Sh59.8 Billion
Kenya Diaspora Remittances Record Growth To Sh59.8 Billion

Kenya received Sh59.8 billion ($412.4 million) as remittance revenue in January 2024, which is Sh5.8 billion ($39.8 million) more than what was collected in December 2023.

According to the Central Bank of Kenya (CBK), Kenyans living abroad sent Sh53.9 billion ($372 million) in December last year, which was 18 percent higher than in January 2023.

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The United States remains the largest source of Kenyan remittances, accounting for 54 percent of all inflows last month.

The cumulative inflow for the 12 months to January 2024 totaled Sh616.7 billion ($4,253 million) compared to Sh585.7 billion ($4,039 million) in the same period in 2023, which accounts for an increase of 5.3 percent.

“Remittance inflows increased to USD 412.4 million in January 2024 compared to USD 372.6 million in December 2023 and were 18.0 percent higher than in January 2023,” CBK stated.

Remittances not only represent an important source of forex but also support many livelihoods.

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Last year, the WorldRemit noted that education, healthcare, and household needs are the main uses of remittances in Kenya, sectors that tend to have a multiplier effect on development.

Digitization remains a key driver for the growth of remittance services, according to WorldRemit, which has partnered with local banks, allowing direct sending of money to accounts, and M-Pesa.

 

By KEN MUTHOM

Source-https://www.capitalfm.co.ke/

 

Kenya Diaspora Remittances Record Growth To Sh59.8 Billion

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