Khusoko – East African Markets

Kenya Continues to See Robust Remittance Inflow, 7.3% Higher in Jan.

Kenya received $278.4 million (Kshs. 30.6 billion) as remittance in January, which is 7.3% higher compared to the corresponding period last year when remittances stood at $259.4 million (Kshs. 28.5 billion). 

According to the Central Bank of Kenya (CBK) data, the cumulative inflows in 12 months to January this year totalled $3,113 million (Kshs. 342.4 billion) compared to $2811 million (Kshs. 309.2 billion) in 12 months to January 2020 which represents a 10.8% increase. 

The World Bank had projected an estimated 20 per cent global decline in remittances in 2020 due to the economic crisis induced by the COVID-19 pandemic and shutdown. 

However, Kenya was able to surpass the estimates by a 10.7 per cent increase rising to a record high of US$3,094 million in 2020, from US$2,796 million in 2019. 

CBK in collaboration with the Kenya National Bureau of Statistics (KNBS), the Ministry of Foreign Affairs (MFA) and other stakeholders is conducting its first-ever Diaspora Remittances Survey.

The survey aims at collecting valuable information on remittance inflows to Kenya to help guide policy, with the objective of boosting the role of remittances in supporting the economy and livelihoods.

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