Africa is emerging as a key source of remittances for Kenyans competing with traditional lead markets North America and Europe, and eclipsing the Middle East.
A joint report released on October 19 by the World Bank and the Central Bank of Kenya (CBK), says an estimated Sh38 billion was sent by Kenyans living and working in different parts of Africa last year. This accounts for 25 per cent of total remittances to Kenya, which stood at Sh152 billion or $1.9 billion.
Read comments by Mr Geoffrey Kilonzo – KOBA’s Country Representative in Kenya that appeared in the Daily Nation Newspaper on Tuesday, October 26 2010.
According to the Central Bank of Kenya, remittances to Kenya in August 2011 amounted to nearly US$ 80 million, which was about 53% higher than the same level in August 2010. Read full report here. Tweet
