Kenya Records a 10.7 % Rise in Remittances to US$3,094 million in 2020.
Kenya has recorded a 10.7 % rise in remittances from US$2,796 million in 2019 to a record high of US$3,094 million in 2020.
According to a report issued by The Central Bank of Kenya (CBK), the remittances inflow to the country remained buoyant despite the ongoing worldwide pandemic COVID-19 that has had adverse effects on the worldwide economy.
The report attributed the rise in remittances to financial innovations that provided Kenyans in the diaspora more convenient channels for their transactions that were launched by the Kenyan government in a project titled “send money and invest in Kenya.” The project which was launched in June 2020 provided a booklet for people in diaspora to send money to Kenya as remittances and also as an investment.
The highest remittances were recorded in December being US $299 million which served as the pillar of the high record of remittances.
US recorded the highest contributions of remittances followed by the United Kingdom, Saudi Arabia, Qatar and Germany.
The CBK has also announced the first-ever Diaspora Remittances Survey, which is to be conducted in February and March 2021. The survey will be in collaboration with the Kenya National Bureau of Statistics (KNBS), the Ministry of Foreign Affairs (MFA) and other stakeholders.
Patrick Njoroge the CBK governor said the purpose of the survey is to collecting valuable information on remittance inflows to Kenya to help guide policy, with the objective of boosting the role of remittances in supporting the economy and livelihoods.
Currently, Kenya tops in diaspora remittances in the Eastern African region and the amount the country receives constitutes the single largest source of foreign currency ahead of major crops and tourism..