Kenyan remittances continue to rise

Jan 12, 2013

An increase in the amount of money being sent to Kenya by citizens residing overseas went up towards the end of last year, new figures have revealed.

An increase in the amount of money being sent to Kenya by citizens residing overseas went up towards the end of last year, new figures have revealed.

According to data from the Kenyan Central Bank, €73.6 million worth of remittances were recorded in November 2012.

This is six per cent up on the amount recorded a month earlier, when Kenyan nationals sent €70.2 million to their home nation, the Star reports.

The number for November is also 21 per cent up on the previous year's figure, the Kenyan Central Bank noted.

Statistics also showed that the amount sent as remittances throughout the first 11 months of 2012 exceeded the sum sent during the whole of 2011.

This indication of growth in the market is certainly good news for the Kenyan economy, as the Star noted remittances are a "key source of foreign exchange" for the African country, "alongside tea, horticulture and tourism".

The upturn may also reflect the increased popularity of mobile banking in Kenya, as technological advances have helped make international money transfers more convenient and affordable.ADNFCR-2976-ID-801517487-ADNFCR