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Remittances from the diaspora increased by a significant 16 per cent to (Sh10.4 billion) $119.6 million in March from $103.4 million in a comparable period in 2013, Central Bank of Kenya said on Friday.
The statistics showed the 12-month cumulative remittance inflows also increased by 12.2 per cent from $1.18 billion in March 2013 to $1.32 billion in March.
“The 12-month cumulative average remittance flows have sustained an upward trend reaching $110.3 million from an average of $98.3 million in March 2013,” CBK said in the statement.
The bank overseer conducts a survey on remittance inflows every month. It looks at transmission through formal channels that include banks and other authorised international remittances service providers in Kenya.
Most of the cash is transmitted through top banks including Equity, KCB Group and Co-operative.
KCB Group remittances inflows from all regions remained resilient, with North America accounting for 51.4 per cent of total inflows or $61.42 million in March.
“Inflows from Europe accounted for 25pc and amounted to $29.95 million, while inflows from the rest of the world amounted to $28.22 million,” said the report.
– Business Daily