NAIROBI, Kenya, April 15 – Kenyans abroad sent home an additional Sh2.85 billion into the country, growing total remittances last month to Sh53.2 billion.
In February, inflows stood at Sh50.5 billion, representing a slight increase.
“The United States remained the largest source of remittances to Kenya, accounting for 56 percent in March 2024,” CBK said.
According to CBK, the cumulative inflow for the 12 months to January 2024 totaled Sh616.7 billion ($4,253 million) compared to Sh585.7 billion ($4,039 million) in the same period in 2023, which accounts for an increase of 5.3 percent.
Diaspora inflows into the country are crucial for enhancing the country’s foreign exchange reserve, which stood at Sh947.8 billion as of April 11.
Last year, the WorldRemit noted that education, healthcare, and household needs are the main uses of remittances in Kenya, sectors that tend to have a multiplier effect on development.
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.
