Friday
November 9
2018

Kenyans in diaspora now remit four times more cash

By Constant Munda

Kenyans working and living abroad are now sending home four times more cash than a decade earlier, official statistics show, underlining their importance in growing national wealth.

Nearly Sh260.23 billion ($2.55 billion) was remitted by the diaspora community in 12 months through last August compared to Sh63.42 billion in the same period in 2008, latest data by the Central Bank of Kenya (CBK) indicates.

That’s a 41.9 per cent growth compared to (Sh183.38 billion) remitted within 12 months through August 2017.

Photo courtesy of Institute for Money, Technology and Financial Inclusion.

Source: Daily Nation (link opens in a new window)

Categories
Finance
Tags
emerging markets, migration, mobile money, remittances