Home Business Diaspora inflows for November up 2.8pc to Ksh 54B

Diaspora inflows for November up 2.8pc to Ksh 54B

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Kenyan living in foreign countries sent home Ksh 54.3 billion ($355m) in November this year, latest data by the Central Bank of Kenya (CBK) shows.

This was a 2.8pc increase when compared to the same period last year when Kenya received a total of Ksh 52.8 billion ($345.4m).

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The country also received a significantly higher diaspora remittances in twelve months to November when compared to the same period last year.

“The cumulative inflows for the 12 months to November 2023 totaled Ksh 638.8 billion ($4.18b) compared to Ksh 615.2 billion ($4.02b) in the same period in 2022, an increase of 3.8pc,” said CBK.

North America remains the largest source of remittance with inflows totaling Ksh 31.1 billion ($203.5m) out of which inflows from the United States amounted to Ksh 30.1 billion ($196.8m).

“The US remained the largest source of remittances into Kenya, accounting
for 55pc in November 2023,” added the bank.

Inflows from Europe grew to reach Ksh 9.3b ($60.7m) led by the United Kingdom with inflows totaling Ksh 4.3 billion ($28.1m).

Asian inflows rose in November to reach Ksh 7.3 billion ($47.5m) with Saudi Arabia leading with Ksh 4.9 billion ($31.9m).

On the other hand, diaspora remittance from Africa rose to reach Ksh 4.8 billion $31.300 while that of Australian, Ocean and other sources reached Ksh 1.8 billion ($11.9m).

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