Diaspora Remittances to Kenya in Q1, 2021 were the Highest Ever Recorded, Latest Report By Central Bank of Kenya Reveals

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The Central Bank of Kenya (CBK) has released a remittance report for Q1, 2021, which shows that over $829 million was sent to Kenya over the first 3 months of the year.

The latest remittance statistics come at a time when the CBK is undertaking the first anonymous online Kenya Diaspora Remittance Survey which is running from March 19 – May 17, 2021.

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Below is a breakdown of remittance inflows to Kenya in the first 3 months of 2021:

  • January 2021 – $278.3M
  • February 2021 – $260.3M
  • March 2021 – $290.8M

Below is a highlight of the stats from the report:

  • Foregin remittances in the first 3 months of 2021 amount to $829 million – the highest amount ever recorded in any quarter
  • The largest share was in March 2021 at $290 million – 27% up from March 2020
  • U.S. made up the largest share in March at $171M

Among the leading sources of diaspora remittances to Kenya include:

  • US – $509.7M (55.9%)
  • UK – $160.2M (11.2%)
  • Rest of the World – $159.8M

Other leading sources of remittances beyond US and the UK include:

  • Saudi Arabia (4%)
  • Canada (2.9%)
  • Australia (2.9%)

In a press statement, CBK said:

“Remittance inflows continue to provide a stable source of foreign exchange for Kenya and a key support for many households, totalling USD 3, 094 million in 2020.”

             – Central Bank of Kenya

As a result, CBK, in collaboration with the Kenya National Bureau of Statistics and the Ministry of Foreign Affairs, has rolled out an online survey that focuses on:

  • The costs and efficiency of sending remittances
  • The difficulties encountered in sending cash or non-cash remittances
  • How remittances are used by the recipients
  • The availability of information on investment opportunities in Kenya

CBK hopes to use the collected information to help guide policies intended to boost the role of remittances in supporting the economy and livelihoods.

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If you are a Kenyan living abroad, you can complete the Diaspora Remittances Survey at http://bit.ly/DiasporaRemittanceSurveyKE.

The survey deadline is Monday, 17 May 2021.

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