Remittances from the diaspora to Africa have steadily grown from $37 billion in 2010 almost three-fold to $96 billion in 2021. Closer home, the Central Bank conducted Kenya’s first Diaspora Remittances Survey. In fact, the Fund for Agricultural Development (IFAD) 2021 global data on remittances shows diaspora remittances can make up as much as 60% of a household’s total income for millions of families. Relaxing legal barriers and remittance costs will also be critical to the growth of Kenya’s economy. On average, Sub-Saharan Africa including Kenya is the most expensive region in the world to send remittances to.

Source: The Star January 03, 2023 02:30 UTC