Diaspora remittances increase by Sh15bn in nine months

The money sent by Kenyans living abroad goes to support relatives and fund investments in real estate, among other sectors of the economy.

Photo credit: Pool

Cash wired home by Kenyans living and working abroad grew by Sh15 billion during the nine months ended September to $3.774 billion (Sh488.5 billion), a 3.2 percent rise from the $3.658 billion (Sh473.5 billion) recorded in a similar period last year.

New data from the Central Bank of Kenya shows that Kenyans in the diaspora sent home $419.6 million (Sh54.3 billion) in September, adding to the cumulative $3.355 billion (Sh434.2 billion) remitted during the eight months to August.

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Note: The results are not exact but very close to the actual.