Remittances to Kenya Increases by 18.9% in February

CBK conducts a survey on remittance inflows every month through formal channels that include commercial banks and other authorised international remittances service providers in Kenya.

Kenyans working overseas sent home USD 260.2 million in February 2021, an increase of 18.9 per cent compared to last year, according to Central Bank.

However, this was a drop from what was received in January.

In 2020, the Kenyan diaspora send in USD 219.0 million in February. 

“The cumulative inflows in the 12 months to February 2021 totalled USD 3,155 million compared to USD 2,831 million in the 12 months to February 2020, an increase of 11.4 per cent,” CBK said in its weekly bulletin.

CBK conducts a survey on remittance inflows every month through formal channels that include commercial banks and other authorised international remittances service providers in Kenya.

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

Most of the remittances came from the United States and Britain.