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Rise in Kenyan Remmitances

16 May

The Central Bank of Kenya conducts a survey on remittance inflows every month from the formal channels that include commercial banks and other permitted international remittances service providers in Kenya.

In March 2012, remittances to Kenya amounted to US$ 106.4 million, or 48.7 percent higher than the level recorded in March 2011 and 2.14 percent higher than inflows recorded in February 2012. The average remittances inflow in the year to March 2012 amounted to US$ 82.9 million up from US$ 57.9 million recorded in the year to March 2011. The 12-month cumulative average remittances flow sustained an upward trend from the second half of 2010 . The increased remittances are attributed to among others:

  • Improvement in data collection techniques and proper classification of remittances by some commercial banks.
  • Aggressive outreach to the Diaspora to invest in Government’s Savings Development and Infrastructure bonds through these formal channels.
  • Increased competition among money transfer service providers that reduced transaction charges.

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