About 50 percent of diaspora remittances to Kenya is invested into household items, real estate and food.
This statistic is among several others provided in the first Diaspora Remittances Survey by the Central Bank of Kenya conducted between March and May 2021, and published in January 2022.
Data was collected through formal channels including commercial banks and other authorized international remittance service providers in Kenya.
Virtual briefings were also conducted for the Diaspora Remittances Survey, with the 1,321 respondents being Kenyans from the diaspora who remain anonymous.
“The individual respondent data provided has been treated with utmost confidentiality and will not be used by third parties. Thus, only aggregated data obtained from the Survey is shared in this report” – Dr. Patrick Njoroge, Governor of the Central Bank of Kenya explained in the Foreword of the Survey Report.
Dr. Patrick Njoroge further added that “Remittance inflows to Kenya have increased tenfold in the last 15 years reaching an all-time record of USD 3,718 million in 2021. This phenomenal growth points to the importance of remittances as a source of foreign exchange to the country,
equivalent to more than three percent of Kenya’s GDP. In this regard, the Diaspora Remittances Survey was conducted with the objective of collecting valuable information to improve the quality of remittance statistics. The Survey focused on the efficiency and cost of alternative remittance channels; the difficulties encountered in remitting cash or in-kind transfers; the availability of information to Kenyans in the diaspora about investment opportunities in Kenya; and the usage of remittances received.”
Find the full version of the Diaspora Remittances Survey HERE.
Content from: Diaspora Remittances Survey
Edited by: Theresa R. Fianko
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