Kenyans in the Diaspora Send Home Sh36.8 billion in February

Kenyans in the diaspora sent home $321.5 million (Sh36.8 billion) in February, the latest data from the Central Bank of Kenya (CBK) shows.

This represents a five percent drop compared to Sh38.7 billion received in January and 23.5 percent higher than the Sh29.8 billion remitted in the same month last year.

The cumulative inflows for the 12 months to February 2022 totaled $3,840 million (Sh439.14 billion) compared to $3,155 million (Sh356.2bilion) in the same period in 2021, a 21.7 percent increase.

CBK said the US remains the largest source of remittances into Kenya, accounting for 58 percent in February 2022.

Other key source markets include the United Kingdom, Germany, and Canada while Gulf states such as Saudi Arabia, the United Arab Emirates, Qatar, and Bahrain have also emerged as important drivers of remittances due to the growing number of Kenyan migrant workers in these countries.

The cumulative diaspora remittances in the first two months of 2022 totaled Sh75.5 billion, representing a 22.6 percent surge compared to Sh61.6 billion received in January and February of 2021.

Remittances from Kenyans living and working abroad remain Kenya’s highest foreign exchange earner ahead of earnings from horticulture and tea exports.

In 2021, Kenya received Sh422 billion ($3.718 billion) from the diaspora, setting an all-time record for the diaspora flows over a calendar year. Kenyans abroad sent Sh40 billion ($350.6 million) in December last year, the highest remittances over a month.