CBK announces 1st ever Diaspora Remittance Survey

Jan, 19th 2021 – The Central Bank of Kenya (CBK) has announced the first-ever Diaspora Remittance Survey which will be conducted in February and March 2021.

This will be in collaboration with the Kenya National Bureau of Statistics (KNBS), Ministry of Foreign Affairs and other stakeholders.

The survey, according to CBK, aims at collecting valuable information on money flowing in Kenya to help guide policy. This is with the objective of boosting the role of payments in supporting the livelihoods and economy.

The important information is the availability of information to Kenyans in the diaspora about investment opportunities in Kenya.

In addition to that, the efficiency and cost of alternative money channels and any difficulties encountered.

According to a press release by CBK, the survey will be conducted online in two parts. Phase one will focus on the sources of the money, that is the remitters and source countries while phase two will focus on target households that receive the fee.

CBK says that in December 2020, the amount reached a historical peak of 299 million US dollars. In the year 2020 alone, it rose to a record of 3,094 million US dollars which surpassed 2019 with an increase of 10.7 percent.

This is considered an exceptional growth which has been supported by financial innovations provided to Kenyans in the diaspora to help them with more convenient channels of transactions.

According to CBK, additional information on the same will be provided in their website.

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