Diaspora remittances drop to Sh39.3bn in February – Capital Business

NAIROBI, Kenya, March 19 – Kenyans living abroad sent home Sh39.3 billion in February, an 11.5 per cent drop compared to the Sh44.4 billion sent in January.

According to the Central Bank of Kenya(CBK), the US remains the largest source of remittances into Kenya, accounting for 59 percent.

“The remittance inflows continue to support the current account and the foreign exchange market,” said CBK in its weekly bulletin.

The cumulative inflows for the 12 months to February 2023 totaled USD 4,026 million compared to USD 3,840 million in February 2022.

Remittances not only represent an important source of forex but also support many livelihoods.

According to an analysis by WorldRemit, education, healthcare, and household needs are the main uses of remittances in Kenya, sectors that tend to have a multiplier effect on development.

The company also noted that Kenya is among the top 3 countries in Africa in receiving remittances, Nigeria came first followed by Zimbabwe.

Digitization remains a key driver for the growth of remittance services, according to WorldRemit, which has partnered with local banks, allowing direct sending of money to accounts, and M-pesa.

Jay Ndungu

Jay is a computer scientist and journalist with a passion for the intersection of technology and society. He has a background in computer science, developing a deep understanding of the technical aspects of the industry, including programming languages and software development methodologies. Currently, He writes for Nairobi Times, covering a wide range of topics including technology, politics, sports, and entertainment. With his unique combination of technical knowledge and journalistic experience, Jay brings a unique perspective to the stories he covers, able to explain complex technical concepts in an easy-to-understand manner. His work is dedicated to bridge the gap between technology and society, and to make people more aware of the potential of technology to make the world a better place.

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