Kenya Diaspora Remittances Hit 3-Year High in February at Sh21 Billion

Kenyans in the diaspora sent home Sh21.2 billion in the month of February, representing a 47.5 percent increase compared to the same period last year.

Figures from the Central Bank of Kenya show that the February remittances by the Kenyan diaspora community was Sh222 million higher than the previous month and a three-year record.

The increase in diaspora inflows was mainly driven by Kenyans in North American, who sent home 55.13 percent of all remittances.

Inflows from North America, largely the US and Canada totaled Sh11.71 billion, a increase from Sh6.60 billion in February 2017. Kenyans in Europe sent home Sh6.45 billion, while remittances from the rest of the world rose by 0.26 per cent to Sh3.09 billion ($30.57 million).

“Remittances are indeed a wonderful ‘silver bullet’…our inward remittances have been accelerating to fresh all-time highs and speaks fundamentally to Kenya Inc.’s intellectual capital and monetisation thereof,” independent analyst Aly-Khan Satchu, who runs investment advisory Rich Management, said.

Nearly 75 per cent of Kenya’s diaspora remittances are spent on family support such as paying school fees and medical bills.