Kenyans in diaspora defy pandemic blues to send home Sh31.5b in March
Kenyans in the diaspora continued to defy the Covid-19 pandemic shocks to send home $290.8 million (Sh31.5 billion) last month.
Central Bank of Kenya (CBK) data shows March 2021 remittances represents a 27.1 per cent year-on-year increment from $228.8 million (Sh24.8 billion) sent during the previous period..
Remittance inflows continue to provide a stable source of foreign exchange for Kenya, and a key support for many households, totaling $3,094 million (Sh335.3 billion) in 2020.
In addition to regional monthly remittances data, the banking sector regulator has now introduced a detailed breakdown by individual countries from where the money was sent.
The CBK data shows that US remains the largest source of these inflows, accounting for 55.9 per cent of remittances in March 2021, with other top source countries being the UK (11.2 per cent), Saudi Arabia (4 per cent), Canada (2.9 per cent), and Australia (2.9 per cent).
According to the data, in March, Kenyans in the US sent home $162.6 million (Sh17.6 billion), while those in Canada remitted $8.3 million (Sh899.7 million), out of a total of $174 million (Sh18.9 billion) from the region. Remittances from Kenyans living and working in African countries topped $14.7 million (Sh1.6 billion).
Out of these, those staying in Tanzania remitted $3.7 million or Sh401.1 million, followed by Uganda with $2.3 million, or Sh249.3 and South Africa at $1.47 million or Sh159.4 million.
“It could be due to a number of Kenyans who live in neighbouring East African countries, and hence, speaks to a larger inflow of their remittance back home,” said Churchill Ogutu, head of research at Genghis Capital.
Total remittances from Europe were $62 million (Sh6.7 billion), with the top three remittance sources being UK, Germany and Switzerland, contributing $32.6 million, (Sh3.5 billion), $8.1 million (Sh878 million) and $3.8 million (Sh411.9) respectively.
In Asia, Saudi Arabia, Qatar and the UAE were the leading remittance sources. Out of a total of $30.8 million (Sh3.3 billion) from the region, Kenyans working in Saudi Arabia sent home $11.7 million, (Sh1.3 billion), those in Qatar $5.5 million (Sh596 million) while UAE remitted $4.1 million (Sh444 million).
