Money sent home by Kenyans living abroad has surged by 12.9 per cent, reaching Ksh586 billion by June 2024.
This marks a significant rise from the Ksh519.1 billion recorded in June 2023, according to the latest data from the Central Bank of Kenya (CBK).
The remittances over the 12 months have jumped by Ksh66.936 billion.
“The cumulative inflows for the 12 months to June remained steady at USD 4,535 million (about Ksh586 billion) compared to USD 4,017 million (about Ksh519.1 billion) in a similar period in 2023, an increase of 12.9 per cent,” stated CBK in its weekly bulletin on Friday, July 19.
Though June 2024 saw a slight dip compared to May 2024, remittances remained higher than June 2023.
In June 2024, inflows totalled USD 371.6 million (about Ksh480.18 billion), up from USD 345.9 million (about Ksh446.972 billion) in June 2023, marking a 7.4 per cent increase.