Diaspora inflows to Kenya up 14pc in January

A woman collects US dollar bills at a money-changer’s stall. Cash remittances from abroad were up in January 2013 by 14.3 per cent compared to the same period in 2012. File 

By CHARLES MWANIKI, cmwaniki@ke.nationmedia.com

Posted  Friday, March 1  2013 at  10:57

Cash remittances from abroad were up in January 2013 by 14.3 per cent compared to the same period in 2012.

Data from Central Bank of Kenya released Friday shows that Kenyans living abroad remitted some Sh8.96 billion ($103 million) in January 2013 compared to Sh9.2 billion ($105.7 million) remitted in December 2012. In the corresponding month of January 2012 the remittances were Sh7.8 billion($89.8 million).

(Read: Diaspora remittances rise on US economic recovery)

Remittances in December have traditionally been the highest in the year due to the December festivities.

According to the CBK, remittances inflow was resilient in 2012, recording an increase of 31.4 per cent compared with 38.8 per cent in 2011.

(Read: Africans in diaspora pay Sh350bn more for money transfers)

Reflecting the strong monthly inflow since January 2012, the 12 month cumulative average remittances inflow increased by 29.2 per cent from Sh6.65 billion ($76.4 million) in January 2012 to Sh8.6 billion ($98.7 million) in January 2013.

Inflows from North America accounted for half of the cash remitted in January 2013, taking 50.2 per cent of the share with Sh4.5 billion ($51.7 million).

Remittances from Europe amounted to 27 per cent of the total remittances at Sh2.4 billion ($27.8 million), while those from the rest of the world were Sh2 billion ($23.5 million) accounting for 23 per cent.

The share from North America recorded an increase of one per cent from that of December 2012 when it accounted for 49.3 per cent of the remittances, while Europe had 27.7 per cent and the rest of the world 23 per cent in the same month of December 2012.