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Kenyans in diaspora sent home over Sh. 25 billion in the month of May

BUSINESS

Kenyans in diaspora sent home over Sh. 25 billion in the month of May


Kenyans in the diaspora remitted back to the country over 25 billion in the month of May. This is an increase of about 4 billion from the total remittance into the country in the month of April which stood at 21 billion shillings.

According to data from the Central Bank of Kenya, Kenyans living in North America sent back home a total of sh 12 billion followed by Kenyans living in Europe who remitted back sh 8.5 billion while Kenyans living in the rest of the world remitted back sh 4.5 billion.

Diaspora remittance has in the recent years overtaken tea exports and earnings from tourism to become the leading foreign exchange earner for the country.

Last year diaspora remittance hit an all-time high of sh 197.12 billion and sh 174 billion in the year 2016.

This comes a few months after Mpesa entered into a deal with global payment platform PayPal that will enable Paypal customers to send money directly to M-Pesa.

Equity bank also announced that it has recused charges for large PayPal withdrawals to between  1% to 1.15%.

Most of the remittances into the country go towards family support such payment of school fees and medical bills.

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