Diaspora remittance inflows to Kenya increased by 6.3% in June to hit a record Sh15.6 billion compared with 2.3% growth of Ksh 14.6 billion posted in May, Central Bank has said.
Cumulative inflows in the 12 months to June 2016 increased by 11% to Ksh 166 Billion (USD 1,656M) from Ksh 149 Billion (USD 1,492 million) posted in the year to June 2015.
“The sustained upward trend in part reflects the entry of additional money remittance providers into the market.” Central Bank Said in a statement.
Remittance Inflows by Source Market
Remittance inflows from North America increased by 11.9% (Sh831 million) and accounted for 49.3% of total inflows in June 2016.
However, Inflows from Europe decreased by 6.3%(Sh4.4 billion) as this could be attributed to post Brexit blues. Inflows from the rest of the world increased by 13% and accounted for 22.8% of total inflows.
Dahabshiil, a Somalia based money transfer firm had warned that Brexit vote would hit remittances and affect investments in the region.
Sources of Info; Kenyan Wall Street, The Star, CBK & BD)
