Kenyans in Diaspora Remit KSh280 billion in 2019

CBK Seen Holding Rates Even With Low Inflation

Central Bank of Kenya Kisumu Branch I Khusoko

Kenyans working and living abroad sent home a record $2.7 billion (KSh280 billion) last year, Central Bank of Kenya (CBK) data shows.

The data reflects a 3.7 percent growth from the previous year when diaspora remittances stood at $2.6 billion (KSh272.3 billion). 

“Kenyans staying in the US accounted for half of the total cash sent while those in North America, Europe and the Rest of the World accounted for 50 percent, 20 percent, and 30 percent, respectively, of the total remittances in December,” said CBK.

Diaspora remittance inflows increased to $250.3 million (KSh25.2 billion) in December, up from $218.8 million (KSh22 billion) in November.

Monthly Remittance Inflows from the Kenyan Diaspora

CBK only measures the money remitted through formal channels that include commercial banks and other authorized international remittances service providers in Kenya.

North America accounted for the bulk of the remittances, contributing 50 per cent, Europe accounted for 20 per cent, while “the rest of the world” accounted for the remaining 30 per cent.