Kenya’s Diaspora remittances have risen by 11.1 percent to USD 1,636 million from USD 1,472 million compared to the previous year in May.
According to data from the Central Bank of Kenya (CBK), “The increase in May 2016 is reflected in inflows from Europe and the rest of the world which rose by 14.8 percent and accounted for 31.8 percent of total inflows in the month.”
“The sustained upward trend in part reflects the entry of additional money remittance providers into the market,” adds the regulator.
Source: CBK
The inflows were higher by 2.3 percent in May compared with 1.7 percent growth in April 2016.
Read: Increased Contributions from Kenyans in the Diaspora Boosting Economy