NAIROBI, Kenya, Feb 13 – Kenyans living abroad sent home Sh43.7 billion in January, a 3.2 per cent increase compared to the Sh42.4 billion sent in the same month last year.
According to the Central Bank of Kenya(CBK), the US remains the largest source of remittances into Kenya, accounting for 58.5 per cent of the inflows during the first month of the year.
“The remittance inflows continue to support the current account and the foreign exchange market,” said CBK in its weekly bulletin.
The cumulative inflows for the 12 months to January 2023 totaled USD 4,039 million compared to USD 3,778 million in January 2022, an increase of 6.9 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.
