By Olivia Mungwana
According to the latest Central Bank of Kenya (CBK) data, Kenyans in the diaspora sent home $338.7 million (Sh38.5 billion) in January 2022.
This is a 21.7 percent increase in diaspora inflows over the same period last year, when Sh31.6 billion ($278.3 million) was received.
Inflows totaled $3.778 billion (Sh427 billion) in the 12 months to January, a 21.4 percent increase from $3.113 billion (Sh351.4 billion) in the same period in 2021.
The United States continued to be the most important source of remittances into Kenya, accounting for 63.6 percent of total inflows.
Remittances from Kenyans living and working abroad continue to be the country’s largest foreign exchange earner, surpassing earnings from horticulture and tea exports.
Kenya received Sh422 billion ($3.718 billion) from the diaspora in 2021, breaking the all-time history for diaspora transfers in a year.
Kenyans living abroad sent Sh40 billion ($350.6 million) to Kenya in December of last year, the highest monthly remittances.