Published On: Mon, May 4th, 2020

Kenya Diaspora Remittance up by 6.2% – The hand that keeps giving

Despite earlier projections of diaspora remittance decline by the World Bank, Kenyans in the Diaspora remittance rose by 6.2%, sending $707.3 million in the period between January to March 2020 compared to $665.8 million same period last year.

The month-on-month flows recovered in March, rising 4.5 per cent to $228.9 million (Sh24.4 billion) after a 15.6 per cent slowdown in February to $219.0 million (Sh23.4 billion) from $259.4 million (Sh27.7 billion) in January.

Overall, the remittances during the first quarter of 2020 grew faster than corresponding period in 2019 when the growth was a modest 3.8 per cent over Sh68.5 billion ($641.5 million) in 2018.

Kenyans in foreign countries historically appear to send in more cash to support families and friends during times of economic crisis or slowdown, inflows which also provide a buffer for the shilling against major international currencies. A majority of Kenyans have protested the incompetent intervention by the Government in repatriating those particularly stuck in China.

Many in the Diaspora are mostly in frontline services working in healthcare, social care and logistics services and are vulnerable to COVID 19.

source: Central Bank of Kenya and BD.

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Kenya Diaspora Remittance up by 6.2% – The hand that keeps giving
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