Kenyans who reside abroad defied global inflation and the knock-on effects of Russia’s invasion of Ukraine to send a record-breaking Sh453.6 billion to family and friends in the ten months leading up to last November.
According to Central Bank of Kenya (CBK) data, the remittances have increased by more than twofold compared to the same time period in 2017, when Kenyans living abroad sent Sh215.4 billion home.
Remittances increased by 9% to Sh453.6 billion over the course of the year’s 11 months, up from Sh416.2 billion the previous year, despite the global economic downturn.
According to CBK statistics, North America continues to receive the vast majority of the money that Kenyans send abroad, followed by Europe and the rest of the world.
The largest source of remittances to is from North America (the US and Canada) accounting for 60.1 percent of the total sum of funds sent into Kenya last year.