Kenyans in the Diaspora Sent Home Sh24 Billion in January 2019
Kenyans living and working abroad sent home $245 million (Sh24.55 billion) in January, 2019, latest figures from Central Bank of Kenya (CBK) show.
This represents a 17.22 percent growth compared with $209 million (Sh20.94 billion) sent in the same month last year. The increase is partly attributed to the back-to-school expenses.
“It (January) is a high season for back-to-school payments and other bills, and that is one of the reasons for the upswing in remittances together with increased and cost-friendly channels of remitting the funds,” says Mercyline Kyalo, a senior research analyst at Kingdom Securities.
Last year, Kenyans in the diaspora sent home Sh247.37 billion, a 39 percent increase from the Sh197.9 billion remitted in 2017.
The highest inflows were recorded in the months of June and May at Sh27.11 billion and Sh25.81 billion respectively, with the lowest being in September (Sh20.89 billion).
Remittances from the diaspora remain Kenya’s leading foreign exchange earner since 2015 after overtaking income from tea, coffee, and tourism.
Commercial banks have also in recent years developed savings and investment products targeted at the diaspora community. This has been listed as one of the factors for the growth of diaspora remittances.
“In terms of investments, we have seen many companies going abroad and telling people they can invest here,” Ms. Kyalo says.
Comments (4)
When will this stupidity stop of telling the world how much Kenyans in the diaspora have sent home? Do you hear any other country doing that? It is the same as telling everyone how much you made in salary. That is why the Western Countries are leving so much on Kenya. The fees are ever increasing at the Embassies. You have to use DHL to send that info and now this Huduma services that correct your personal and financial info . This should stop. What we want to hear now is how much taxes are collected from the rich 1% Kenyans who own all these fancy hotels and all businesses in Kenya. Stop telling us about what we send. We want to know where these billions that are being stolen where they are going
Actualy they do - macro economics anyone? That is part of measuring a country's GDP.
I agree with you totally! This is so stupid.
Mexico is always writing how much billions is coming from usa weekly so this is nothing kenya is receiving.