Kenyans living abroad sent home $278.4 million (Kshs. 30.6 billion) in January according to the Central Bank of Kenya (CBK) diaspora remittances data.
CBK has noted that the January inflows were 7.3% higher that the same period last year when remittances stood at $259.4 million (Kshs. 28.5 billion)
CBK says that cumulative inflows in 12 months to January this year totalled $3,113 million (Kshs. 342.4 billion) compared to $2811 million (Kshs. 309.2 billion) in 12 months to January 2020 which represents a 10.8% increase.
CBK in collaboration with the Kenya National Bureau of Statistics (KNBS), and Ministry of Foreign Affairs is currently conducting a Diaspora Remittances Survey which is scheduled to end in March and seeks to collect valuable information that will help tap the inflows for economic growth.
“The vital information includes: the efficiency and cost of alternative remittance channels; the difficulties encountered in remitting cash or non-cash transfers; the availability of information to Kenyans in the diaspora about investment opportunities in Kenya; and the usage of remittances received,” CBK stated.
Despite coronavirus economic effects in key source markets of North America, Europe and Asia inflows have continued to pick up strongly after a sharp decline in the month of April 2020.
Remittances rose to a record high of $3,094 million (Kshs. 340.3 billion) in 2020, from $2,796 million (Kshs. 307.6 billion) in 2019, an increase of 10.7%.