Kenyans living abroad, particularly in the United States and Canada, sent home a record high of $4.2 billion in remittances to family and friends in the eleven months leading up to November 2022.
This marks a significant increase from the remittances sent in 2017, when Kenyans abroad sent home $2 billion, according to data from the Central Bank of Kenya (CBK).
Despite facing global economic challenges such as inflation and the ripple effects of Russia’s invasion of Ukraine, remittances to Kenya have continued to grow.
In the eleven months leading up to November 2022, remittances increased by 9% to $4.2 billion, compared to $3.8 billion the previous year.
This is a testament to the resilience and determination of Kenyans abroad to support their loved ones back home despite facing economic challenges in their host countries.
The global fuel prices across Europe and the United States have resulted in a rise in inflation and a high cost of living for households and businesses that have been affected by the Covid-19 pandemic.
This has adversely affected the real incomes of many Kenyans abroad, according to the World Bank. However, they have still managed to send a significant amount of money back home to support their families.
In March 2022, $434 million was the highest remittance recorded in a single month in five years, followed by $426 million in April and $416 million in November.
This shows that despite the economic challenges, Kenyans abroad have maintained a consistent level of support for their loved ones back home.
The CBK statistics show that North America, (US and Canada) remains dominant in the amount of money sent by Kenyans, followed by Europe and the rest of the world.
North America (the US and Canada) is the biggest source of remittances to Kenya, accounting for 60.1% of the total sum of funds sent to Kenya last year.
Europe contributed 18.1% and the rest of the world accounted for 21.8 % of the total remittances in the period to last November.
The strong remittance inflows sent by Kenyans living abroad highlight the strong sense of responsibility and commitment to supporting loved ones back home.
However, for many Kenyans living abroad, the process of sending money back home can be complicated and costly.
This is where Waya comes in. Waya provides a fast, convenient, and affordable world-class solution for Kenyans living abroad to send money back home. The app allows users to save, spend, get paid, and pay bills wherever they live and work.
Waya is designed to grant customers the opportunity to build their financial lives, safely build credit, and gain financial stability.
Waya is committed to providing a hassle-free, cost-effective, and secure way for Kenyans living abroad to send remittances back home, ensuring that their loved ones have access to the financial support they need.
If you’re a Kenyan living abroad and looking for a convenient and affordable way to send money back home, look no further than Waya.
Read more about our stories here on the GetWaya blog.
The platform is developed to make the process of sending remittances easy, secure, and cost-effective. Sign up today and experience the difference.
Waya is a financial technology company, not a bank. Waya’s Banking services, debit cards, and bank accounts are provided by our banking partner, as set forth in the account agreement. The Waya Mastercard® is issued by our banking partners pursuant to a license by Mastercard International Incorporated. The Waya Card may be used everywhere Mastercard is accepted in the U.S. Mastercard is a registered trademark, and the circle design is a trademark of Mastercard International Incorporated. Waya is a product of Wayapay Limited, Inc. Wayapay, Waya, and associated names are registered trademarks of Wayapay Limited, Inc. All other trademarks and brand names mentioned belong to their respective owners. Standard data rates from your wireless service provider may apply. By clicking on some of the links above, you will leave the Waya website and be directed to a third-party website. The privacy practices of those third parties may differ from those of Waya. We recommend you review the privacy statements of those third-party websites, as Waya is not responsible for those third parties’ privacy or security practices Ⓒ 2024 Waya. All Rights Reserved.
