Diaspora Remittances

A remittance is money sent by a person in a foreign land to his or her home country. Due to the huge sums involved, remittances are now being recognized as an important contributor to the country's growth and development.

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


Commentary on Remittances for January 2016

 


Remittance inflows to Kenya in January 2016 increased by 19.9 percent to USD 137.5 million compared to USD 114.6 million in January 2015 (Table 1). Inflows in January 2016 were 2.6 percent higher than in December 2015, with the increase largely from the Rest of the World (Table 2). Cumulatively, inflows in the 12 months to January 2016 increased by 9.7 percent to USD 1,571 million from USD 1,432 million in the year to January 2015. As shown in Chart 1, the 12 month average flow to January 2016 sustained an upward trend to reach USD 130.9 million from USD 119.3 million during the same period in 2015.

Table 1: (Figures are in US$ '000)

2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004
Year : 2011
MonthRemittance
Jan64139
Feb60759
Mar71577
Apr70071
May68124
Jun71888
Jul72797
Aug79563
Sep84854
Oct81311
Nov80802
Dec85244
 
TOTAL891129

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Chart 1: Monthly Remittance Inflows

dec2015chart1

 


Remittance Inflows by Source Market


The Rest of the World, though accounting for the least amount by volume and market share, contributed most of the increase in remittances inflows in January 2016, and fully offset the decline recorded from North America and Europe (Table 2).

Table 2: Remittance Inflows by Source (USD m)

dec2015chart2

 

 

 

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