Kenyans living abroad are spending an average of Sh2.4 billion per month in costs when sending money home to their relatives, with those using banks to remit cash, paying more compared to the ones utilising digital channels.
The Central Bank of Kenya (CBK) said the cost of remittances to Kenya is averaging about seven percent, which is slightly below the average of eight percent for sub-Saharan Africa but well above the ideal target of three percent.
