By JULIUS MBALUTO
With the impact of covid-19 pandemic on global economies, it was expected that Kenyans working and living abroad might slow down on sending money home.
However, they have defied that expectations and send $ 1.13 billion (Kshs. 122.69) in four months to April, this according to Central Bank of Kenya.
Despite Covid-19 pandemic, Kenyan remittances remained all time high. They were sending Kshs 7.67 billion weekly on average. According to CBK, Kenyans in the US send more money home than those living and working in other countries.
Kenya tops East African region on Diaspora remittances. Diaspora remittance remains one of the key sources of foreign exchange for Kenya. It has rendered support for the economy since Covid-19 pandemic started in Mid-March 2020.
The ability to send money can be attributed to recoveries of global economies, support given to businesses by governments in different countries especially US and UK to remain operational during the pandemic and more players in money transfer business making it competitive and cheaper to send money home.
