Kenyans living abroad sent home Sh48 billion in March, a 15.5 percent increase compared to the Sh41.6 billion sent in February.
According to the Central Bank of Kenya(CBK), the US remains the largest source of remittances to Kenya, accounting for 58 percent.
“The remittance inflows continue to support the current account and the foreign exchange market,” said CBK.
The cumulative inflows for the 12 months to March 2023 totaled USD 4,020 million compared to USD 3,912 million in a similar period in 2022.
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.
Source: capitalfm.co.ke