Browsing: Remittance to Kenya

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 …