The Central Bank Of Kenya (CBK) has announced that Kenyans in the diaspora sent home over Sh340 billion shillings in 2020.
The remittances rose from Sh280 billion in 2019 despite the Covid-19 pandemic, an increase of 10.7 percent.
“Remittances play a pivotal role in socio-economic development of recipient countries, and are an important source of foreign exchange. In Kenya, remittance inflows were strongly buoyant in 2020, despite the devastation by COVID-19 (coronavirus) in the source countries. Remittances rose to a record high of US$3,094 million (Sh340 billion) in 2020, from US$2,796 million (approx Sh280 billion) in 2019, an increase of 10.7 percent. In the month of December 2020 alone, remittances reached a historical peak of US$299 million. This remarkable growth of remittances has been supported by financial innovations that provided Kenyans in the diaspora more convenient channels for their transactions”, the statement by the financial industry regulator said in part.
CBK also announced a survey to capture the collecting valuable information on remittance inflows to Kenya to help guide policy, with the objective of boosting the role of remittances in supporting the economy and livelihoods.
The vital information includes the efficiency and cost of alternative remittance channels; the difficulties encountered in remitting cash or non-cash transfers; the availability of information to Kenyans in the diaspora about investment opportunities in Kenya; and the usage of remittances received.
The survey which will be conducted in March and February online will be two-phased, with the first part focusing on sources of remittances and the second the recipients.
CBK says a link with additional information about the Survey will be circulated widely through various communication channels and will also be available on CBK’s website.
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