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Diaspora remittances to Kenya increased to a record KSh 453.6 billion as of November 2022, the Central Bank of Kenya (CBK) data has shown.
Despite the rise in global inflation, the rate at which Kenyans abroad send money back home grew by 9% in 11 months.
This was against the KSh 416.2 billion remittances reported during a similar period in 2021.
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The trend has been growing from KSh 215.4 billion recorded during a similar period in 2017.
The Russian invasion of Ukraine caused disruptions in the global supply chain, leading to a sharp rise in fuel and food prices.
WorldRemit, a leading global digital remittances firm, reported that the sharp rise in inflation negatively affected international money senders.
A report from the firm showed that 82% of remittance senders decried a rise in inflation, with 45% – almost half – only sending money to close relatives, Africa.com reported.
The growth in Kenya's diaspora remittances received backing from government measures and policies.
President William Ruto's government is keen on maximising diaspora remittances to spur economic growth.
In December 2022, Kenyans in the diaspora convened in Nairobi with two levels of government and investors to deliberate on how to increase remittances and maximise investment.
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The meeting deliberated on the best approaches to boost diaspora remittances into the country.
Shem Ochuodho, chairman of Kenya Diaspora Alliance applauded Ruto for creating the State Department of Diaspora saying it would smoothen working relations.
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Source: TUKO.co.ke
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