Business

Diaspora Remittances in December 2021 Hit $350 Million

Diaspora remittances to Kenya in December 2021 hit $350.6 million, a 9.5% growth compared to the $320.1 million sent in November. This was attributed to Kenyans abroad sending home money for the festivities.

Central Bank of Kenya data shows that in a similar month in 2020, total diaspora remittances were $299.6million(Sh33.9billion), a 17% increase which means Kenyans abroad sent more money in 2021 despite the impact of the global COVID-19 pandemic.

Cumulative inflows in 2021 recorded a 20.2% increase to hit $3,718 million from $3,094 million in 2020.

The US remains the largest source of remittances into Kenya, accounting for 63.2% in 2021. Other significant source markets include the UK, Germany, and Canada.

See Also:

KRA Records a Tax Collection Surplus of KSh47.6 Million in H1 2021/22

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