Remittances from Kenyan citizens living or working abroad went up by 20% in 2016 as compared to 2015 remittances which means more money to the government. This has attracted the attention of local and international banks, telecommunication and money transfer firms all keen to cash-in this growing segment
Remittances recorded by Jan 2016 was Shs14billions from Shs11.6billions recorded in 2015.
Central Bank of Kenya attributed the increased revenue could be as a result of more money coming in from the rest of the world excluding North America and Europe, which are key sources of remittances to Kenya.
A report from CBK indicated that the rest of the world, though accounting for amount by volume and market share contributed most of the increase in remittance inflows in January 2016, and fully offset the decline recorded from North America and Europe.
This increased monetary collected could also be as a result of increased dollar value as compared to the Kenya shilling.