Diaspora remittance surge 23pc in February to hit Kshs. 36B

Remittance inflows by Kenyans living abroad have recorded a 23.5% year-on-year increase to reach 36.7 billion ($321.5 million) in February 2022.

This compared to Kshs. 29.7 billion ($260.3 million) Kenyans overseas sent home during the same month last year according to the Central Bank of Kenya.

Month-on-month inflows however fumbled as remittance inflows declined 5.1% when compared to January this year when Kenyans abroad sent home Kshs. 38.6 billion ($338.7 million) in what the CBK attributes to seasonal factors.

Nonetheless, cumulative inflows for the 12 months period ending February 2022 increased 21.7% to reach Kshs. 437.8 billion ($3.84 billion) compared to Kshs. 359.7 billion ($3.16 billion) during a corresponding period last year.

“USA remains the largest source of remittances into Kenya, accounting for 58% in February 2022,” SAID CBK.

Total remittances from North America amounted to Kshs. 20.8 billion ($182,405.81) while those from Europe amounted to Kshs. 7.8 billion ($66,515.55).

Diaspora remittances from the rest of the world amounted to Kshs. 8.3 billion ($72,610.42) according to the latest data from CBK.

($1 = Kshs. 114)