Kenyans living in the diaspora sent home Sh 42.4 billion in November, marking a 3.9% increase from the Sh 40.8 billion sent in September.
According to the Central Bank of Kenya (CBK), the US remains the largest source of remittances to Kenya, accounting for 55.8 per cent in the period.
“The remittance inflows continue to support the current account and the foreign exchange market,” said CBK.
In comparison with same time last year, cumulative inflows for the 12 months to November totaled USD 4,021 million compared to USD 3,667 million in November 2021, an increase of 9.7 percent.
This places Kenya among the top countries in Africa receiving remittances from abroad, with Nigeria at the top followed by Zimbabwe.
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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.
The company, which has partnered with local banks, allowing direct sending of money to accounts, and M-pesa, further noted that digitization remains a key driver for the growth of remittance services.
Remittances not only represent an important source of forex but also support many livelihoods.