Migrant Kenyan workers have trippled cash inflows-IMF

Kenyans working abroad are sending home more money year-on-year, prompting immigration in search for greener pastures, 

New data by the IMF shows global remittances reached a record Sh94.6 trillion in 2022, three times higher than the official development assistance.

It predicts further growth of the inflows as the growing income gap between richer and poorer nations, demographic pressures, and changes to the economic environment persists.

“The total remittances worth could even be more than that because many people send money through informal channels not captured by official statistics,” the lender says.

“This will add to the number of people who migrate in search of economic opportunity. It will in turn fuel the flow of remittances for decades to come.”

Kenyans working and living abroad have been sending home record amounts in the past three years with inflows reaching $4.03 billion (Sh589.7 billion) in 2022.

This was an 8.9 and 30 per cent increase from the record value of $3.7 billion (Sh544.3 billion) and $3.1 billion (Sh453 billion) in 2021 and 2020, respectively.

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