January diaspora inflows rise 4pc to hit Sh26 billion

The country experienced increased cash inflow from Kenyans living and working overseas after diaspora remittances increased to Sh25.94 billion ($259.40 million) in January.

This is an improvement of 3.6 per cent from the Sh25 billion ($250.3 million) that was sent in December last year, according to the Central Bank of Kenya (CBK) data.

“The cumulative inflows in the 12 months to January 2020 increased to $2,811 million (Sh281.1 billion) compared to $2,733 million (Sh273.30 billion) in 2019, reflecting a growth of 2.8 per cent,” said CBK in its latest weekly bulletin.

North America, Europe and the rest of the world accounted for 48 per cent, 17 per cent and 34 per cent, respectively, of the total remittances in January.

The inflows from Kenyans living and working abroad surged to an all-time high of $295 million (Sh30.30 billion) in June 2019, before it reduced in the subsequent months.