This archive report was first published on 22 December 2019.
According to the Central Bank of Kenya (CBK), the amount sent back home from other countries increased significantly in 2019, with Kenyans in the diaspora sending a record KSh 256.4 billion during the 11 months period that ended in November 2019.
This represents a 3.8% increase from the KSh 247 billion recorded during the same period in 2018, which was attributed to diaspora centred banking and tax amnesty that was given for repatriation of cash.
The greatest fraction of the amount was received from North America, accounting for 47.84% of the total, while Kenyans living in Europe sent in the second-largest amount, reflecting 23.9% of the total. The remaining 28.07% of the money was received from other countries.
The tax amnesty, which was extended to June 2019, allowed for the repatriation of cash stashed in offshore accounts, resulting in a monthly high of KSh 29.7 billion in June 2019.
Increased inflow of money from abroad was also attributed to diaspora centred banking among other financial partnerships that have eased bulk transactions between Kenya and other countries.
