Kenya Diaspora Remittances Hit Record KSh380 Billion in November

The Central Bank of Kenya 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 in the diaspora sent home Ksh.36.1 billion ($320.1 million) in November, a 24.2 per cent higher than the same month in 2020.

Cumulatively, the diaspora remittances in the 11 months stand at Ksh 380.1 billion ($3.367 billion) compared to Ksh 349.3 billion ($3.094 billion) across 2020.

The United States remains the largest source of remittances in the country accounting for 67.3 per cent of the dollar flows last month.

Year over year, the dollar inflows have surpassed last year’s record by Ksh 30.8 billion ($273 million) with December flows yet to be booked.

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

The banks have made it easier and convenient for people to send cash to mobile money accounts and platforms such as Western Union. 

Also, Safaricom’s M-Pesa platform has an option, M-Pesa Global to receive cash from countries where M-Pesa also operates.

Reducing Cost of Transferring Remittances Top on CBK’s Agenda