Kenyans in the diaspora sent home a record amount of money in the month of April according to data released by the Central Bank. Foreign remittances rose to $299.3 million (KSh32.4 billion) in April 2021, the highest level since the start of the year, and a 3% increase from the $290.8 million (KSh31.5 billion) sent home in March this year.
The US remains the largest source of foreign remittances to Kenya, followed by the UK. Remittances from the US in April amounted to $ 171.28 million, equivalent to 57% of the total remittances sent to Kenya, while remittances from the UK amounted to $33.13 million.
From the Asian region, Saudi Arabia was the largest source of remittances into Kenya, remitting $12.1 million in April alone. From the African continent, Tanzania, South Africa, and Uganda were the biggest sources of diaspora remittances into Kenya.
Foreign remittances are a key source of foreign currency for Kenya. In 2019, Kenya was ranked third position amongst the top ten remittance recipients in Sub-Saharan Africa, behind Nigeria and Ghana.
In an attempt to increase the amount of remittances into Kenya, the Central Bank of Kenya recently concluded a Diaspora Remittance Survey that targeted Kenyans in the diaspora. The aim of the survey was to gather key information in order to create policies that will spur remittance inflows into Kenya. Some of the questions in survey asked about the efficiency and cost of sending money to Kenya and challenges faced in remitting cash.
Also read: CBK Aims to Increase Remittances into Kenya with First-ever Diaspora Remittances Survey
