The Central Bank of Kenya (CBK) said in a statement released in Nairobi that North America dominated by source regions, accounting for 49.6 percent of total inflows in December 2015 and recording growth of 10.1 percent.
“Inflow from Europe increased by 15.6 percent, while the rest of the world decreased by 26.2 percent,” the CBK said in the statement.
The remittance inflows came mostly from Kenyans in the U.S. and Canada who accounted for almost half of the inflows.
A remittance is money sent by a person in a foreign land to his or her home country. Due to the huge sums involved, remittances are now being recognized as an important contributor to the country’s growth and development.
The East African nation has kicked off measures of tapping the lucrative Diaspora investments which has increased in the recent past, seeking to address challenges facing the Kenyan Diaspora, saying Diaspora diplomacy is now one of the pillars of the country’s foreign policy.
The authorities are focused on creating an enabling environment that will integrate the Kenyan Diaspora and enable them to invest in the nation’s development. Enditem