Trending
- Abu Dhabi radiates optimism as over 300 startups join AIM Congress 2024
- TLcom Capital Raises $154 million in Funding to Boost Its African Growth
- Africa’s $824Bn debt, resource-backed opaque loans slowing growth — AfDB
- LB Investment brings $1.2 trillion portfolio display to AIM Congress spotlight
- AmCham Summit kicks off, setting course for robust future of US-East Africa trade ties
- Why the UN is raising the red flag on the UK-Rwanda asylum treaty
- Portugal’s Galp Energia projects 10 billion barrels in Namibia’s new oil find
- Wärtsilä Energy offers tips on how Africa can navigate energy transition and grid reliability
Browsing: Remittance flow to Sub Saharan
Remittance to Kenya increased by 10 percent to $3,095 million in 2020 from $2,796 million in 2019 while in Uganda they dropped to $1.1 billion in 2020 from $1.4 billion in 2019.
According to the Central Bank of Kenya (CBK), the increase accounted for three percent of the country’s Gross Domestic Product (GDP). The remittance was projected to decrease in 2020 due to the pandemic.
Financial innovations such as mobile money which have opened more convenient transactions highly contributed to the increase in remittance flow to Kenya.
With the restriction measures which were put in place to curb the spread of the virus, mobile money made it easy for people to send and receive money.
“The rapid acceleration of digitalization has been the ‘silver lining narrative’ of the pandemic. Remittances have been one of the key beneficiaries of digital transformation as members of the diaspora sent funds to their loved …