Diaspora remittances from Kenyans living and working abroad soared to an all-time high of KSh30.3 billion in June according to the Central Bank of Kenya weekly bulletin data.
This was an increase of 21% from KSh24.7 billion of diaspora remittances recorded in May. As a result, the 12-month cumulative inflows hit KSh282.3 billion representing a growth of 13.6%, up from Ksh248.6 billion recorded in June last year.
“The remittance inflows rose to an all-time high in June 2019 amounting to $295 million compared to $243 million in May,’’ CBK said.
North America, Europe and the Rest of the world accounted for 38%, 32%and 30% of the money received respectively.
Cytonn Investments, observe that improving diaspora remittances into the country is one of the factors that will support the shilling remain relatively stable to the dollar in the short term.
Increase in remittances is expected to continue this year because of increased uptake of financial products by the diaspora due to financial services firms, particularly banks, targeting the diaspora, and, new partnerships between international money remittance providers and local commercial banks making the process more convenient.