Remittances sent home by Kenyans living abroad jumped significantly in January 2024, reaching $412.4 million.
This is an impressive 5.3% increase compared to the same period in 2023 and 18% higher than December 2023.
According to the Central Bank of Kenya (CBK), Kenyans living abroad sent Sh53.9 billion ($372 million) in December last year, 18% higher than in January 2023.
The United States remains the largest source of Kenyan remittances, accounting for 54% of all inflows last month.
The cumulative inflow for the 12 months to January 2024 totalled Sh616.7 billion ($4,253 million) compared to Sh585.7 billion ($4,039 million) in the same period in 2023, which accounts for an increase of 5.3%.
“Remittance inflows increased to USD 412.4 million in January 2024 compared to USD 372.6 million in December 2023 and were 18.0% higher than in January 2023,” CBK stated.
Remittances represent an essential source of forex and support many livelihoods.
