Kenya’s diaspora remittance hit $3308 between March 2020 and March 2021, according to the Central Bank of Kenya (CBK).
The figures represent an 18 percent increase of cumulative inflows from $2801 million recorded in the same period in 2020.
Data from CBK also show that April year-on-year inflows hit $299.3, representing a 43.7 percent increase from $207.9 million recorded in the same month last year.
April’s figures further indicate a 2.9 percent increase of $290.8 million the country received in March this year.
“The United States continues to be the largest source of remittances into Kenya, accounting for 57.2 percent of remittances in April 2021,” reiterated CBK.
Last month, CBK announced plans to lower the cost of diaspora remittances to boost forex inflows.
CBK governor Patrick Njoroge in a virtual meeting said that local banks and telecom companies had been urged to work with foreign banks and other entities to reduce the cost of sending money to Kenya.
“Our target is to reduce the cost of transferring funds to Kenya to between two and three per cent of the funds transferred in order to increase Diaspora remittances,” said Njoroge.©Standard Gazette, 2021. Unauthorized use and/or duplication of this material without express and written permission from this site’s publisher is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Standard Gazette with appropriate and specific direction to the original content.