The Diaspora remittances into the East African nation of Kenya rose by 4.6 percent in October of 2022 to reach a total of 40.6 billion Kenyan Shillings. This is significantly higher than the 38.8 billion Kenyan Shillings that was the case in September this year; 2022.
The Central Bank of Kenya (CBK) revealed that the United States (US) is still the biggest source of diaspora remittances into Kenya and makes up a total of 57.6 percent during the same period.
According to Central Bank of Kenya (CBK), “The remittance inflows continue to support the current account and the foreign exchange market.”
Read Also: Average Of 1.6 Billion Kenyan Shillings Is Borrowed Daily By Kenyans From Fuliza
The total inflows for the twelve (12) months ending in October of 2022 hit 399.6 million United States Dollars (USD) which is around 50.3 billion Kenyan Shillings. This is a 10.9 percent increase especially when compared to the 360.5 million United States Dollars (USD) (which is around 45 billion Kenyan Shillings) that was achieved in October of 2021.
Remittances play a significant role in the inflow of foreign currencies into Kenya and also boosts numerous businesses in the Kenyan economy.
Read Also: Paystack Seals Payment Service Provider License In Kenya
Data by popular money transfer service; WorldRemit, the main uses of remittances in the East African nation of Kenya have been Healthcare, Education, and household requirements or needs. Remittances have also had a sort of augmentation effect on development in the country.
According to an analysis by WorldRemit, education, healthcare, and household needs are the main uses of remittances in Kenya, sectors that tend to have a multiplier effect on development.
Read Also: Flutterwave Now Integrates Google Pay Into Its Payment Options
WorldRemit also made it known that Kenya is number in Africa on the list of countries with the highest remittances received. The West African nation of Nigeria was first, with Zimbabwe coming in at 2nd.
Read Also: Sendy Carries Second Wave Of Redundancies
The digital cross border remittance company that currently provides international remittance services and money transfer services in over seventy (70) currencies and 130 countries, stated that digitization continues be a major driving force in the consistent growth enjoyed by remittance services.
Read Also: Facebook Set To Restrict Traders Listed on CRBs Blacklist
WorldRemit currently has partnerships with Safaricom’s mobile money service; M-PESA and a number of banks operating in Kenya, ensuring the easy transfer of money to bank accounts as well as M-PESA accounts in the country.
How informative was this particular article? Are there any other news topics, categories, or How To topics, that you would like us to write on? Feel free to reach out to Nexbit KE in the comment section.
