Kenyans In The Diaspora Remitted 30 Billion Shillings In June

Kenyans living in the diaspora sent home a whopping 30.44 billion shillings during the month of June according to stats released by the Central Bank of Kenya.

On average, Kenyans living in the diaspora were sending home 1 billion shillings per day, the highest amount so far for this year.

The 30.44 billion shillings from the diaspora was a 21.4 percent increase from 25.07 billion shillings that was recorded in May this year.

According to the CBK, in the last 12 months, Kenyans in the diaspora have sent home a cumulative amount of 285.63 billion shillings.

In 2018, at the same time, Kenyans had sent home 251.55 billion shillings with the current figure indicating a 13.6 percent increase.

Kenyans living in North America accounted for 38 percent of the amount sent home, Europe 32 percent while the rest of the world 30 percent.

According to the CBK, the enhanced banking services with Kenyan banks increasingly targeting Kenyans in the diaspora has led to the spike of those remitting funds back home.

Illicit cash

The CBK has allayed fears that the illicit cash might be part of the money being wired back into the country as people rush to beat the October 1 deadline for 1000-shilling note.

It is feared that Kenyans who had looted public funds and hid them in foreign countries might be wiring them back through the system.

Shortage of the new generational banknotes

Even as the October 1 deadline nears for the complete recall of the current 1000-shilling banknotes, commercial banks have been hit by an acute shortage.

Banks around the country have been forced to reconfigure their tellers and ATMs back to issuing old banknotes following the shortage.

The Central Bank of Kenya has remained mute over the shortage only insisting that October 1 deadline still holds.

Currently, banks are still issuing the old notes which are supposed to be removed from circulation leaving Kenyans confused on what they are supposed to do.