Remittance Inflows to Kenya Jump by 18.8pc in September to $309.8 mn

Remittances sent to Kenya rose by nearly 18.8 per cent year-on-year to $309.8 million in September, the central bank data showed on Friday. 

This is compared to USD 260.7 million in September 2020. However, this was a marginal decline of 1.0 per cent compared to USD 312.9 million in August. 

“The cumulative inflows for the 12 months to September 2021 totalled USD 3,530 million compared to USD 2,967 million in the same period in 2020, a 19.0 per cent increase,” the CBK said.

The United States remains the largest source of remittances into Kenya, accounting for 61.8 per cent in September 2021.

Diaspora remittances are part of Kenya’s largest foreign exchange earner, largely contributing to the country’s forex reserves aimed at stabilising the shilling.