February 22

Tanzania, Uganda, and South Africa Are the Top African Markets for Remittance Inflows in Kenya

By Victor Oluwole

Diaspora remittances decreased by 3.4 per cent, as Kenyans working and living abroad sent home $338.7 million (Sh38.3 billion) in January 2022 compared to a monthly record high of $350.6 million (Sh39.6 billion) in December.

However, compared to the same period last year, diaspora remittances rose 21.7 per cent, according to the latest data from the Central Bank of Kenya (CBK).

The data from CBK showed that the cumulative inflows for the 12 months to January totalled $3.778 billion (Sh427 billion) compared to $3.113 billion (Sh351.4 billion) in the same period in 2021, a 21.4 per cent increase. Furthermore, the CBK noted the United States was the largest source of remittances in Kenya, accounting for 63.6 per cent of the total inflows.

Photo courtesy of Monito.

Source: Business Insider Africa (link opens in a new window)

Finance, Technology
financial inclusion, global development, remittances