Kenya’s Diaspora Remittance Hit Higher: CBK

Kenyans living and working abroad sent home $228.9 million (Sh24 billion) in March 2020, according to the latest data by the Central Bank of Kenya (CBK).

The latest record indicates a four percent growth in remittance as $218.9 million (Sh23 billion) was send home last February, last year.

Kenyans in Diaspora have managed to send home a cumulative Sh303.6 billion since March last year, a 4.3 percent increase.

According to CBK’s latest reports, remittances from the United States and the United Kingdom remained constant.

“However, the inflows from South Africa, United Arab Emirates, Mauritius and Oman declined, reflecting the impact of COVID-19,” CBK said in its latest weekly bulletin.

The CBK carries a monthly survey via formal channels like commercial banks in a bid to record the figures.

Kenya ranks fourth after Egypt, Nigeria, and Ghana in diaspora remittances in Africa.

Kenyans in Diaspora set a new record last year after sending home Sh280 billion, 3.7 percent growth from the Sh272.3 billion remitted in 2018.

However, World Bank projects a 20 percent decline from the economic crisis brought about by the pandemic.