NAIROBI, Kenya, Nov 19 – Kenyans living abroad sent home Sh40.6 billion in October, a 4.6 per cent increase compared to the Sh38.8billion sent in September.
According to the Central Bank of Kenya(CBK), the US remains the largest source of remittances into Kenya, accounting for 57.6 per cent in the period.
“The remittance inflows continue to support the current account and the foreign exchange market,” said CBK.
The cumulative inflows for the 12 months to October totaled USD 3,996 million compared to USD 3,605 million in October 2021, an increase of 10.9 per cent.
Remittances not only represent an important source of forex but also support many livelihoods.
According to an analysis by WorldRemit, education, healthcare, and household needs are the main uses of remittances in Kenya, sectors that tend to have a multiplier effect on development.
The company also noted that Kenya is among the top 3 countries in Africa in receiving remittances, Nigeria came first followed by Zimbabwe.
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.
