Kenyans working abroad sent home a record amount of remittances in the first quarter of 2021. According to data from the Central Bank of Kenya, foreign remittances in the first three months of this year amounted to $829 million, the highest amount sent in any quarter. The funds were 17% higher than the remittances in the first quarter of 2020.
In March 2021, Kenyans in the diaspora sent home $290.8 million, a 27% jump from $228.8 million sent in March 2020. The largest share of remittances in March came from the US, amounting to $171 million. Remittances from the UK took the second position totalling $32.6 million, while Saudi Arabia came third with $11.6 million. Other leading sources of diaspora remittances were Canada and Australia each accounting for $8.4 million.
Foreign remittances are a major support to Kenya’s economy and to many low-income families. The inflows rose to the highest level in 2020 of $3.094 billion, beating World Bank’s predictions of a decline in remittances to third world nations.
The Central Bank of Kenya aims to boost foreign remittances into the country by gathering useful information such as the cost of remitting funds, difficulties faced in sending money from abroad, and how recipients use the funds. The bank, in collaboration with the Kenya National Bureau of Statistics and the Ministry of Foreign Affairs, is conducting the first ever Kenya Diaspora Remittance Survey that runs until 17th May 2021.
Also read: CBK Aims to Increase Remittances into Kenya with First-ever Diaspora Remittances Survey
Kenya’s Foreign Remittances Go Up 10% in 11 Months From Year Ago
