Remittances from Kenyan migrants up 3.2 per cent in August
The Kenyan diaspora sent $132.9 million in August 2015.Remittances from Kenyans living abroad reached $132.9 million (€118.5 million) in August, which is 3.2 per cent higher than in August 2014, according to figures from the country's central bank (CBK).
This increase helped to slow down the decline of the local currency, with the shilling weakening steadily against the dollar in the past twelve months - losing 14 per cent.
The CBK said the increase was largely driven by flows from North America. Remittances from Kenyans in the region grew by more than four per cent year-on-year to reach $64.2 million in August.
Remittances to Kenya have been fast growing in the past few years and some $1.43 billion was sent back to Kenya in 2014, setting a new annual record, according to Reuters.
Data from the central bank also shows that Kenyans living abroad sent $754 million back home during the first half of this year, up from $690 million during the same period in 2014. This represents a 9.2 per cent year-on-year increase.
The figures come after President Uhuru Kenyatta affirmed the government's commitment to creating an environment that will integrate the Kenyan Diaspora and enable them to invest in the nation’s development.
Remittances to Sub-Saharan Africa are expected to reach $33 billion in 2015, as the remittance market is fast adopting mobile money as an effective means of money transfer, according to WorldRemit, a global money transfer company. It said half of the 261 mobile money service providers across the globe are in sub-Saharan Africa.