The Central Bank of Kenya has announced that it will conduct the first-ever diaspora remittances survey in February and March this year, in partnership with the Kenya National Bureau of Statistics, the Ministry of Foreign Affairs, and other players.
The aim of the survey is to gather key information on remittance inflows to Kenya in order to create policies that will spur remittance inflows and boost Kenya’s economy.
Some of the information the study intends to collect include; the efficiency and cost of alternative remittance channels, challenges faced in remitting cash or non-cash transfers, availability of information to Kenyans abroad about investment opportunities in Kenya, and the usage of remittances from Kenyans working in the diaspora.
Kenya heavily relies on diaspora remittances for its foreign exchange income and economic development. In 2020, remittances into Kenya reached an all-time high of $3.094 billion from $2.796 billion received in 2019. December registered the highest amount remittances ever received in a month, $299 million. The largest share of remittances came in from North America, making up more than 50% of all the remittance inflows into Kenya in 2020.
Central Bank of Kenya will conduct the Diaspora Remittances Survey online, initially focusing on the sources of the remittances – the remitters and the source countries. The second phase of the survey will focus on recipients of the diaspora remittances.
Kenya’s Foreign Remittances Go Up 10% in 11 Months From Year Ago
