Diaspora remittances rose to KES 40.6 billion in October, a 4.6% rise compared to KES 38.8 billion that was sent home in September.
According to the Central Bank of Kenya(CBK), the US remains the largest source of remittances to Kenya, accounting for 57.6 per cent in the period.
“The remittance inflows continue to support the current account and the foreign exchange market,” said CBK.
The cumulative inflows for the 12 months to October totalled USD 3,996 million compared to USD 3,605 million in October 2021, an increase of 10.9 per cent.
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 the direct sending of money to accounts and M-pesa.
Read also; Diaspora Remittances Rise to KES 38.5 Billion in September.
