Remittances from Kenyan migrants up 9%
The Kenyan diaspora sent $754 million remove extra space back home in the first half of 2015.The Central Bank of Kenya (CBK) said on Tuesday (July 29th) that Kenyans living abroad sent $754 million (€680 million) back home in remittances 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.
During the month of June, remittances rose 17 per cent to $136 million compared with $16.1 million in June 2014. They increased by 5.3 per cent when compared to inflows in May 2015.
The CBK said the increase was largely driven by flows from North America.
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.
The Treasury estimates that Kenyans in the diaspora sent $1.2 billion through unofficial channels last year.
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.