Kenya’s diaspora remittances dropped by 5.1pc in November

NAIROBI, Kenya Dec 13- Diaspora remittances to Kenya shrunk slightly in November dropping by 5.1 percent compared to October, the Central Bank of Kenya has revealed.

According to CBK, remittance inflows totaled USD 320.1 million(Sh36billion) in November 2021 compared to USD 337.4 million (Sh37.9billion) in October.

CBK noted that the drop was in line with seasonal factors.

In a similar month last year, total remittances were USD 257.7 million, a 24.2 percent increase which means Kenyans abroad sent more money this year despite the impact of Covid-19 continuing to be felt across economies.

The cumulative inflows for the 12 months to November totaled USD 3,667 million compared to USD 3,045 million in the same period in 2020, a 20.4 percent increase.

The United States remains the largest source of remittances to Kenya, accounting for 67.3 percent in November.

Other significant source markets include the UK, Germany, and Canada.

Gulf states such as Saudi Arabia, United Arab Emirates, Qatar, and Bahrain have also emerged as important drivers of remittances, in line with the growing number of Kenyans immigrating to these countries in search of jobs.

Tanzania, Uganda, and South Africa lead as the top African source markets for remittance inflows into Kenya.