Kenyans in the Diaspora Send Home Sh38.5 Billion in January

Kenyans in the diaspora sent home $338.7 million (Sh38.5 billion) in January 2022, the latest data by the Central Bank of Kenya (CBK) shows.

This represents a 21.7 percent growth in diaspora inflows compared to the similar period last year when Sh31.6 billion ($278.3 million) was received.

The cumulative inflows for the 12 months to January totaled $3.778 billion (Sh427 billion), a 21.4 percent increase compared to $3.113 billion (Sh351.4 billion) in the same period in 2021.

The United States remained the largest source of remittances into Kenya, accounting for 63.6 percent of the total inflows.

Remittances from Kenyans living and working abroad remain Kenya’s highest foreign exchange earner ahead of earning from horticulture and tea exports.

In 2021, Kenya received Sh422 billion ($3.718 billion) from the diaspora, setting an all-time record for the diaspora flows over a calendar year.

Kenyans abroad sent Sh40 billion ($350.6 million) in December last year, the highest remittances over a month.