September diaspora remittances in slight dip

The amount of cash sent back home by Kenyans living and working abroad decreased marginally in September to Sh13.09 billion ($128.4 million) hit by lower remittances from North America.

Data from the Central Bank of Kenya (CBK) shows that diaspora remittances dipped 3.4 per cent compared to Sh13.47 billion ($132.9 million) in August.
“The decline reflected a decrease from North America and the rest of the world,” CBK said in a statement.

The volume of remittances for the first nine months of the year increased 7.8 per cent to stands at $1.14 billion compared to $1.06 billion as at September 2014.

Kenyans in the U.S. and Canada account for nearly half or 48.2 per cent of total remittance inflows, attributed to a significant stock of citizens and availability of multiple and cheaper channels to send money back home.

SOURCE: BUSINESS DAILY