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WorldRemit: Kenyans abroad sent home Sh24.47Bn as of June
Daily expenses, healthcare and educational support continue to be major reasons for sending. The survey also shows that migrants around the world have changed their spending habits during this period of inflation to maintain their financial obligation to family and loved ones back home.
By Steve UMIDHA
London based digital remittances firm – World Remit, released its latest statistics showing that Kenyans living abroad sent home over 170 million GBP or Sh24.47 billion as of June 1st, 2022 through the platform.
The latest figure figure puts Kenya at par with Zimbabwe and second only to Nigeria, where World Remit users globally sent 270 million GBP or Sh38.86 billion – with the resilience of remittances a welcome news for Kenya considering money sent back home by Kenyans in the diaspora represents one of the top sources of forex for the country, surpassing tourism, tea, and horticultural exports in recent years.
“Migrants’ resilience and commitment to their loved ones back home has proven to be vital, especially in a period where household expenses are increasing around the world,” said Jorge Godinez Reyes, Head of the Americas, World Remit.
Data from the Central Bank of Kenya (CBK) shows that remittances reached USD 3.71 billion (Sh421.98 billion) in 2021, up 20.2 percent from USD 3.09 billion (sh351.46 billion) a year earlier. Remittances in Kenya have hit a record high every year since 2016.
World Remit notes that the continued shift to digital remittance technologies has made it more convenient and affordable for those in the diaspora to send money back home.
“This latest study proves that even during times of financial instability, many migrants are making conscious adjustments to their daily lives to maintain the regular flow of remittances to families and loved ones back home.”