January 2016 Diaspora remittances to Kenya hit Sh13.9bn

March 7, 2016
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Inflows in January 2016 were 2.6 percent higher than in December 2015/FILE
Inflows in January 2016 were 2.6 percent higher than in December 2015/FILE
NAIROBI, Kenya, Mar 7 – Diaspora remittances to Kenya in the month of January 2016 increased by 19.9 percent to Sh13.9 billion compared to Sh11.6 billion recorded in January 2015.

Inflows in January 2016 were 2.6 percent higher than in December 2015.

The 12-month average flow to January 2016 sustained an upward trend to reach Sh13.2 billion from Sh12 billion during the same period in 2015.

The rest of the world, though accounting for the least amount by volume and market share, contributed most of the increase in remittances inflows in January 2016, and fully offset the decline recorded from North America and Europe.

The rest of the world contributed 24 percent of the remittances in the period under review while North America was the most contributor at 46 percent. Europe contributed 29 percent.

The Central Bank of Kenya conducts a survey on remittance inflows every month through formal channels that include commercial banks and other authorised international remittance service providers in Kenya.

Kenya was the fourth highest recipient of remittances in 2015 in sub-Saharan Africa, receiving $1.6 billion (Sh163.7 billion), which is a growth of 16.6 percent from the previous year.

This is according to World Bank’s Migration and Remittances Factbook 2016.

The report states that Kenya fell behind Nigeria that received $20.8 billion, Ghana $2 billion and Senegal at $1.6 billion.

The country was also among the top 10 remittance senders in 2015, sending about $200 million (Sh20.4 billion), falling behind Angola ($l.3billion), South Africa ($1.1billion), Liberia ($O.4billion), Uganda ($0.3billion), Mozambique ($0.2billion), Mauritania ($0.2billion).

In 2015, the top recipient countries of recorded remittances were India, China, the Philippines, Mexico, and France.

Worldwide remittance flows in the year under review are estimated to have exceeded $601 billion.

Of that amount, developing countries are estimated to receive about $441billion, nearly three times the amount of official development assistance.

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