Kenya Diaspora Remittances Growth Slows Down

Kenyans abroad sent home Sh22.11 billion in September, pushing the cumulative nine-month diaspora remittances to Sh214.40 billion.

This represents a 4.34 percent growth compared to Sh205.48 billion remitted in the first nine months of 2018, according to Central Bank of Kenya (CBK) data.

The September inflows are the third-lowest this year behind February (Sh20.50 billion) and August (Sh22.07 billion).

Kenyans in the diaspora sent home Sh30.39 billion ($295 million) in June this year, a new monthly record since CBK began making this records public. 

The high remittances in June were attributed to the expiry of Treasury’s two-year tax amnesty for Kenyans with hidden assets abroad to repatriate them. The tax pardon period elapsed on June 30th.

Early this month, Kenya Revenue Authority (KRA) said applications for return of cash and other assets worth Sh800 billion were made during the tax pardon window.

“The cumulative inflows in the 12-months to September 2019 increased to $2,786 million (nearly Sh286.96 billion) compared to $2,579 million (nearly Sh265.64 billion) in September 2018, reflecting a growth of eight percent,” CBK wrote in this week’s bulletin.

“North America, Europe and the rest of the world accounted for 51 percent, 19 percent, and 30 percent, respectively, of the total remittances in September.”