Kenyans abroad, living in the diaspora, sent home $3.670 billion (KES 450.49 billion) from January to November 2022.
This is according to the Central Bank of Kenya (CBK), which also pointed out that North America accounted for the largest source of remittances in the country.
A remittance is a money sent by a person in a foreign land to his or her home country. Due to the huge sums involved, remittances are now being recognized as an important contributor to the country’s growth and development.
“The Central Bank of Kenya conducts a survey on remittance inflows every month through formal channels that include commercial banks and other authorized international remittance service providers in Kenya,” CBK explains.
The most productive month was the month of March whereby Kenyans remitted a total of KES44,622,296,211.00 (US$363,581,000.66).
The month of November turned out to be beneficial for Kenyans celebrating the upcoming festive period as diaspora residents sent home approximately KES. 43 billion (US$345 million), a jump of 3.9 percent compared to $332.6 million (KES40.7 billion) in October.
This was the highest diaspora inflow since May, an aspect attributed to the relaxation of global inflation as banks move to implement tough monetary measures to limit the high cost of living.
This is positive news for Waya, a digital banking services platform that promotes financial inclusion for immigrants.
Lots of hardworking immigrants who live in the US often send money back to their friends and family members.
Waya is helping immigrants unlock their full potential and successfully expand their range as entrepreneurs and become productive members of society.
The degree to which immigrants access financial services is also an important indicator of how successful they are in profiting from the ambition and hopes that bring many immigrants to the United States.
During the Jamhuri Day speech on Monday, December 12, Kenyan President William Ruto recognized the Kenyans in the diaspora for contributing to the improvement of the country’s economy by remitting more than KES 400 billion every year.
Beyond our borders, Kenyan immigrants have excelled consistently for decades, enabling organizations abroad to achieve their objectives and actualize their career goals.
The data on remittances is an object of deep fascination, and not just because we are proud of the Kenyan Diaspora for remitting over KES 400 billion annually.
“Remittances are also a reliable indicator of the value of professional contribution and the impact of the knowledge, skill, and passion of Kenyans abroad. Our diaspora comprises our best envoys and demonstrates for everyone to see what we are capable of,” he addressed.
The Head of State further promised that his government would set a new target of convincing Kenyans living abroad to send home up to KES1 trillion, assigning this to the State Department of Diaspora Affairs.
“By extension, they show the world how and why a country of meager natural resource endowments punches above its weight.
“My administration will work towards making our diaspora remittances reach a trillion shillings. The State Department of Diaspora Affairs has this target to achieve,” he added.
Disclaimer: The opinions expressed by Waya are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product. It is only intended to provide education about the financial industry. The views reflected in the commentary are subject to change at any time without notice.