February remittances hit 3-year high at Sh21.2b

April 10, 2018
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The growth was mainly driven by remittances from North American which constitutes over 77 percent of all remittances followed by Europe at 36.5 percent/FILE

, NAIROBI, Kenya, Apr 10 – Kenyans in the diaspora remitted Sh21.2 billion in the month of February, a 47.5 percent growth compared to February 2017.

The February remittances was Sh222 million higher than in January and a three-year record, according to figures from the Central Bank.

The growth was mainly driven by remittances from North American which constitutes over 77 percent of all remittances followed by Europe at 36.5 percent.

Analysts at SIB say increased marketing of Kenya as an investment destination for Kenyans abroad and diversification of international remittance service providers are some of the key factors behind the sustained growth in remittance inflows into the country.

“Other factors include better classification of remittances by banks and reduced cost of transferring.”

The total remittances may be higher considering CBK has captured data from official channels with many more remittance channels flying under the radar of CBK supervision.

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