Coronavirus Pandemic Hurt Kenya’s Diaspora Remittance Inflows in April

CBK Issues New Guidelines for Listing Loan Defaulters

Dr Patrick Njoroge, CBK Governor Displaying some of the new currency Notes

Kenyans working and living abroad sent home KSh22.3 billion in April a 9.0 percent decline compared to KSh24.5 billion inflows in March, Central Bank of data shows.

However, the cumulative inflows in the 12 months to April was higher KSh299 billion compared to KSh294 billion over a similar period last year. 

The United States remained the top contributor to the diaspora remittances despite it being the region.

“Remittance flows from the US and Canada contributing about 58 percent of all remittances in April remained largely unchanged from March,” reads CBK weekly bulletin.

However, inflows from UK, Germany, South Africa, EAC region, United Arab Emirates and Saudi Arabia declined, reflecting the impact of COVID-19.

Kenyans working and living abroad sent home KSh22.3 billion in April a 9.0 percent decline

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

Remittances in Kenya are the biggest source of foreign exchange, ahead of tourism, tea, coffee, and horticulture exports.

The World Bank is projecting an estimated 20 percent global decline in remittances in 2020 due to the economic crisis induced by the COVID-19 pandemic and shutdown.

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