Central Bank of Kenya Governor Patrick Njoroge addresses a press conference in the Central Bank buildings on Tuesday, May 28, 2019.
Data on diaspora remittances from the Central Bank of Kenya (CBK) revealed that TBEN abroad sent home Ksh 30.5 billion ($ 278.4 million) over the course of the year alone. month of January 2021.
The CBK website defines remittances as money sent by a person in a foreign country to their home country. The CBK now recognizes remittances as a major contributor to the country’s economy.
The CBK noted that remittances received last month were seven point three percent higher than those received in January 2020. A total of Ksh 28.5 billion was received during this period.
President Uhuru Kenyatta (left) and CBK Governor Patrick Njoroge touch their legs as he hands over the Ksh 7.4 billion check at State House, Nairobi, March 20, 2020.
A total of Ksh 342.4 billion has been received for the twelve months ending January of this year. This represents a ten point eight percent increase from the 309.2 billion Ksh received for the twelve months ending January 2020.
The corona virus pandemic has had a negative economic effect, especially in North America, Europe and Asia. This has not stopped TBEN abroad from sending money home and therefore inflows have risen sharply after a drop in April 2020.
The CBK revealed that the growth in remittances is largely supported by financial innovations that have provided TBEN in the diaspora with more convenient ways to transact money.
The CBK is working with the Ministry of Foreign Affairs and the Kenya National Bureau of Statics (KNBS) to conduct a survey of diaspora remittances with the aim of collecting valuable information that will help economic growth.
“Vital information includes; efficiency and cost of alternative fund transfer channels, difficulties encountered in sending cash or non-cash transfers, availability of information to TBEN in the diaspora about investment opportunities in Kenya and the use of remittances received, ”said CBK.
According to KNBS statistics, 4 million TBEN live in the diaspora and this number is steadily increasing.
TBEN have chosen to go abroad in search of better opportunities. The illegal immigration of TBEN to Western countries continues to increase daily. Many more TBEN continue to apply for visas in different western countries, which is mainly attributed to the lack of jobs in the country.
The Governor of the Central Bank of Kenya (CBK), Patrick Njoroge, with his deputy Sheila M’Mbijiwe in the Parliament buildings on February 26, 2019.
TBEN.co.ke © 2021 All rights reserved