Kenyans living abroad sent home KSh 256 billion in first 11 months of 2019 ▷ Kenya News

- Last year (2018), Kenyans sent home about KSh 247 billion and the amount has since risen to KSh 256.4 billion

- The rise has been attributed to diaspora centred banking and tax amnesty that was given for repatriation of cash

- The biggest fraction of the amount was received from North America which accounted for 47.84%

Kenyans in the diaspora sent home KSh 256.4 billion during the 11 months period that ended in November 2019.

Fresh data from Central Bank of Kenya (CBK) indicate that the amount sent back home from other countries increased by 3.8% from KSh 247 billion recorded during the same period under review in 2018.

CBK records the amount sent in Kenya from diaspora through formal and registered channels like commercial banks. Photo: UGC.
Source: UGC

The greatest fraction of the amount was received from North America which accounted for 47.84%.

Kenyans living in Europe sent in the second-largest amount reflecting 23.9% while 28.07% of the money was received from other countries.

The rise has been attributed to diaspora centred banking and tax amnesty that was given for repatriation of cash. Photo: CBK.
Source: UGC

The 3.8% rise in contribution has been attributed to the tax amnesty that was given to allow for repatriation of cash stashed in offshore accounts.

The grace period for the exercise was slated to end in June 2018 but the government extended it to June 2019.

This saw the amount sent home at the close of the grace period in June 2019 hit a monthly high of KSh 29.7 billion.

Increased inflow of money from the abroad was also attributed to diaspora centred banking among other financial partnerships that have eased bulk transactions between Kenya and other countries.

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