NAIROBI, Kenya, Mar 13 – The government yesterday held discussions with the International Fund for Agricultural Development (IFAD) on remittance bottlenecks and innovations.
Through the State Department for Diaspora Affairs’ Savings, Investments, and Remittance (SRI) Director, Boniface Munzala, the two entities also spoke in length on ways to enhance information sharing on financial opportunities for Kenyans living in the diaspora.
“The discussions further touched on capacity building and other areas of potential collaboration for mutual benefit,” Kenya’s Diaspora Department said on its X platform.
“The collaborative approach adopted by @Diaspora_KE will ensure proactive initiatives aimed at solving challenges and promote socio-economic development for both the diaspora community and Kenya.”
This comes at a time when the country’s diaspora inflows have been rising, with January’s figure showing that Kenya received $412.4 million in remittances, which is $39.8 million more than what was collected in December 2023.
As per the Central Bank of Kenya (CBK) data, the United States remains the largest source of Kenyan remittances, accounting for 54 percent of all inflows last month.
The cumulative inflow for the 12 months to January 2024 totaled $4,253 million compared to $4,039 million in the same period in 2023, which accounts for an increase of 5.3 percent.
“Remittance inflows increased to USD 412.4 million in January 2024 compared to USD 372.6 million in December 2023 and were 18.0 percent higher than in January 2023,” CBK stated.
Remittances not only represent an important source of forex but also support many livelihoods.
