Fun

Kenyan Remittances Surged by 20% in H1, North America and Europe-Based Diaspora Contribute Over 80%

News Feed - 2021-07-22 08:07:24

Kenyan Remittances Surged by 20% in H1, North America and Europe-Based Diaspora Contribute Over 80%


According to the latest data from the Central Bank of Kenya (CBK), diaspora remittances inflows to the country surged to $1.75 billion in the first six months of 2021. This figure represents a nearly 20% increase from the $1.46 billion recorded in the same period last year. 2021 Inflows Set to Surpass 2020 Total


At this growth rate, Kenya’s 2021 remittances inflows appear on course to surpass the 2020 total of just over $3 billion. However, the data shows that on a monthly basis, the inflows dropped slightly from the $315 million recorded in the fifth month to almost $306 million. This drop from what is so far the highest monthly total is the only time the diaspora inflows have tapered off in 2021.


In the meantime, the latest data shows that North America has now cemented its position as the key source of remittances for the East African country. For instance, in the first month of 2020, the North American diaspora’s share of total remittances was about 48% or approximately $125 million out of a total of $259 million. North America Diaspora Dominates Inflows


However, in the record-breaking fifth month of the year 2021, North America’s share increased to about 60%. In fact, in the sixth month, North America’s share of total remittances increased slightly to 61.9%. This increase is despite the fact that total inflows had dropped marginally in that month.



Similarly, the European market, which accounted for 17.8% of total remittances in the first month of 2020, saw its contribution marginally increase to 21.7% in the fifth month. However, unlike North America whose share of total remittances increased in the sixth month, Europe’s share dropped to 20.5%.


As the official CBK data suggests, the Kenyan diaspora in North America and Europe is becoming a key foreign exchange source for the country. However, this diaspora contribution — which appears to exclude informal remittances — is likely to increase if authorities formally endorse remittances via crypto platforms.


What are your thoughts on Kenya’s growing remittance inflows from North America and Europe? Tell us what you think in the comments section below. Tanzania Announces Plans to Create Blockchain Advisory Team as Country Moves to Adopt Crypto EMERGING MARKETS | Jul 14, 2021 Africa Will "One Day Have a Common Currency" Says Secretary General of African Continental Free Trade Area EMERGING MARKETS | Jul 13, 2021 Tags in this story CBK, central bank of Kenya, Foreign exchange, informal remittances, Kenya remittances, Kenyan diaspora


Image Credits: Shutterstock, Pixabay, Wiki Commons, Oleg Znamenskiy Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Martin Young3 hours agoCoinbase futures approval seen as a major win amid the war on cryptoThe recent approval allows Coinbase to join the ranks of the two major derivative exchanges in the United States, CME and CBOE.40
The Silent Bitcoin Accumulation: Public Companies’ Surprising H1 2025 Lead
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Cryptocurrencies Now Accepted for 15,000 Restaurants in France on Just Eat
Cryptocurrencies Now Accepted for 15,000 Restaurants in France on Just EatFood orders from over 15,000 restaurants in France can now be paid with bitcoin and a number of other crypt
Debate rages over Bitcoin power law as critics label it a ‘magic trick’
Tom Mitchelhill26 minutes agoDebate rages over Bitcoin power law as critics label it a ‘magic trick’The Bitcoin power law has come under intense debate, with critics on one side and fierce advocates on the other.264
MCS, First Exchange to list TRON’s SUN and Klaytn’s KLAY Futures Contracts
MCS, First Exchange to list TRON’s SUN and Klaytn’s KLAY Futures ContractsSingapore, September 20, 2020— For the first time in the industry, MCS (MyCoinStory), a global cr
David Attlee1 hour agoBarnBridge DAO votes to comply with SEC orderThe voting ended with a unanimous decision to comply with the SEC’s potential demands and pay fines if necessary.302 Total views10 Total sharesListen t
‘Cryptocurrencies Like Bitcoin Make Global Commerce Easy’ — Founder of Nigerian Crypto Exchange
"Cryptocurrencies Like Bitcoin Make Global Commerce Easy" — Founder of Nigerian Crypto Exchange Despite the Central Bank of Nigeria (CBN)’s Feb. 5, 2021 directive that inst
US Still Dominates Bitcoin Mining Sector, 30-Day Stats Show Foundry USA Takes Top Pool Position
US Still Dominates Bitcoin Mining Sector, 30-Day Stats Show Foundry USA Takes Top Pool Position Since the Cambridge Bitcoin Electricity Consumption Index (CBECI) project updated it
Prashant Jha12 hours agoUK government rejects lawmaker’s call to treat crypto like gamblingThe government added that it is already working on regulating the crypto market, and proposed legislation was put before parlia
Prashant Jha9 hours agoAsian markets surge as European stocks show mixed performanceAsian stocks surged across the board on Wednesday led by South Korean market, while European markets had a mixed day.378 Total views5 To
Amaka Nwaokocha35 minutes agoNigeria central bank missed opportunity for blockchain regulation in 2021 — Convexity CEOAdedeji Owonibi stated that the Central Bank of Nigeria should have created a blockchain regulation
Bitcoin price falters as macroeconomic and regulatory headwinds mount
Marcel Pechman5 hours agoBitcoin price falters as macroeconomic and regulatory headwinds mountBitcoin price reversed course at the $71,000 level as professional traders" confidence began to waver.7250 Total views231 Tota