Remittances from Kenyans in Diaspora rise

Remittances from Kenyans abroad increased minimally last year to stand at Sh51.3 billion, the Central Bank of Kenya has said.

In a year that saw further recovery of the global economy, remittances increased by five per cent from Sh45.6 billion recorded in 2009.

The increase was an indication that leading economies in North America and Europe that account for most of the remittances are back on a strong footing after the global economic crisis, considering that in 2008, money sent back home stood at Sh45.8 billion. Read more

KENYA: Equity links up with Essar for diaspora cash transfer

Equity Bank has signed a deal with mobile phone firm Essar allowing its account holders to receive international remittances through the yuCash transfer system.

It is banking on an international money transfer infrastructure provider Obopay which also powers the yuCash system to tap into the market as it widens its net on mobile banking. Read more

Kenyan Remittances Rose 13% in September, Country's Central Bank Says

Kenyans living abroad sent home 13 percent more funds in September than a month earlier, the Central Bank of Kenya said.

Remittances totaled $58.6 million compared with $52 million a month earlier, research director Charles Koori said in a statement on the bank’s website today in Nairobi, the capital. Cumulative remittances during the nine months through September climbed 22 percent to $461.4 million from a year earlier, he said.

“The source markets for remittances have on average maintained the same shares, with North America contributing 53 percent and Europe 26 percent of total remittances to Kenya in September 2010, from the survey,” he said.

To contact the reporter on this story: Johnstone Ole Turana in Nairobi via Johannesburg at pmrichardson@bloomberg.net.

To contact the editor responsible for this story: Paul Richardson at pmrichardson@bloomberg.net.

WB Urges African Governments, Financial Institutions to Leverage Development Impact of Remittances

The FINANCIAL -- Remittances to sub-Saharan Africa exceed US$21 billion and are forecast to grow by almost 2 percent in 2010 despite a weak global economy, according to World Bank estimates on remittances flows.

A recent Bank survey for Kenya estimates that 14 percent of adult Kenyans regularly receive an average of US$735 in remittances from abroad a year. This amount is remitted in seven transactions amounting to US$105 each, according to the survey for Kenya, which was launched today at a joint conference by the World Bank and the Central Bank of Kenya in Nairobi. Read more

AFRICA: Remittances to sub-Saharan Africa exceed US$21 billion

Remittances to sub-Saharan Africa exceed US$21 billion and are forecast to grow by almost two percent in 2010 despite a weak global economy, said the World Bank.

The Bank stated in a press release issued on Tuesday, urging governments and remittance service providers to cooperate and reach out to each other to enhance the development impact of remittances for Africa.

“A recent Bank survey for Kenya estimates that 14 percent of adult Kenyans regularly receive an average of US$735 in remittances from abroad a year. This amount is remitted in seven transactions amounting to US$105 each, according to the survey for Kenya, which was launched today at a joint conference by the World Bank and the Central Bank of Kenya in Nairobi. Read more

KENYA: Billions received as diaspora remittances increase

NAIROBI (Xinhua) -- Kenya received U.S. $1.9 billion dollars in remittances from the Diaspora over the past year according to a World Bank-sponsored study.

The study which was released in Nairobi on Tuesday Diaspora remittances have grown steadily over the last five years, providing support for Kenyans with relatives working abroad, while also boosting the country’s real estate and stock market.

The World Bank study says about 2.6 million Kenyans or 14 per cent of the adult population regularly receive an average of U.S. $750 dollars a year from their relatives residing abroad.
Read more

Kenya woos diaspora to invest at home

Kenya is missing out on a potentially huge investment cash inflow from its nationals abroad who do not get information on opportunities in the country, a new government commissioned study has established.

Preliminary results from a study by the International Organisation for Migration for the government found that about 60 per cent of Kenyans living in the UK do not get information on how they can invest their money locally.

This is despite the group having significant financial muscle, as evidenced by millions of dollars in remittances that the group sends to friends and relatives back home every month.

Read more

KENYA: Fresh effort to market Kenya abroad

Fresh effort to market Kenya abroad

BY EVELYNE NJOROGE
Updated 1days 11 hours 35 minutes ago

NAIROBI, Kenya, Sep 21 - The Brand Kenya Board has entered into a partnership with the Kenya Overseas Business Alliance (KOBA) to promote the country as a top business and investment destination to citizens in the Diaspora and foreign investors.

The Board’s Chief Executive Officer Mary Kimonye said that through the partnership, they hope to achieve their mandate of improving Kenya’s image, visibility and competitiveness both locally and internationally.

“Our mandate is to provide for government an integrated mechanism of marketing the country. So we will partner with anybody who’s willing to work with us,” she said. Read more

Kenyans increase remittances from diaspora

Remittances from Kenyans working abroad rose 15 per cent to $52 million (Sh4.1 billion) in June compared to the same month last year, boosting the shilling and domestic demand in an economy that is witnessing sluggish retail numbers.

Kenyans sent a total of $300.2 million (Sh24 billion) in the six months to June from $291.8 million (Sh23.3 billion) in the same period a year earlier, says Central Bank of Kenya (CBK).

“Remittances through June continue to track the long run average of $50 million per month,” Charles Gitari Koori, Central Bank of Kenya’s director of research, said in a monthly report. Read more

Kenyan remittances up 4 pct yr/yr to $51.2 mln in May

NAIROBI (Reuters) - Kenyan remittances rose 4 percent to $51.172 million in May compared with the same month last year, central bank said on Friday.

Total remittances in the first five months of this year stood at $247.7 million compared with $236.5 million in the same period in 2009.

"Remittance transfers were $51.2 million in May 2010 compared with $52.7 million in April 2010. However, remittances in May continued to be above the trend average of $50 million per month," central bank said.

Money sent home by Kenyans abroad is a major source of foreign exchange behind agricultural exports and tourism. Source

KENYA: Remittances from diasporas

Commentary on Remittances in 2009 Mr. Charles Gitari Koori, Director Research Department

The Central Bank of Kenya conducts a survey on remittances data every month based on information collected from formal channels that include commercial banks and other permitted international remittances service providers in Kenya.

Table 1 summarizes the data on remittances since the survey was initiated in 2004. For 2009 total remittances stood at US$ 609million (equivalent to Kshs 47.1 billion). This was slightly lower than 2008 remittances of US$ 611million (but higher in shilling terms equivalent to Kshs 42.3 billion due to exchange rate movements). Remittances in December 2009 rose by 40% to US$ 56m (Kshs. 4.2 billion) from US$ 40m (Kshs 3.1 billion) in December 2008. Similarly, remittances increased by 16.8 percent in the month of December, 2009 from US$ 48 million in November 2009. Read more

Kenyan Remittances Worth $609 Million In 2009 - Central Bank

NAIROBI, Feb 2

Kenyans abroad sent home $609 million last year, down from a record $611 million in 2008 but higher in local currency terms, the central bank said on Tuesday. Remittances are a significant source of foreign exchange for east Africa's biggest economy, coming after horticulture, tea and tourism. Day-to-day fluctuations in the local currency market are often driven by remittance flows. Read more

Kenya's Diaspora Takes Lead in Investing Back Home

Remittances seen growing as global crisis eases

By Johnstone Ole Turana

Remittances from Kenyans in the diaspora are steadying up with strong indications of a more promising growth in 2010 as the global economic crisis seems to be bottoming up. In addition, remittances from Kenyans in the rest of the world other than the traditional Northern America and Europe sources have been on an upward trend as these regions have relatively been immune to the global crisis. The latest figures from the Central Bank of Kenya (CBK) shows that the declining trend associated with remittances in the better part of last year is ebbing out pointing to a possible upward growth this year. Read more

Kenyan shilling stable vs dollar, eyes on c.bank

NAIROBI (Reuters) - The Kenyan shilling held steady against the dollar on Thursday and traders said any future gains would likely be limited by central bank buying of the U.S. currency.

At 0920 GMT, commercial banks quoted the local unit at 75.35/45, the same as Wednesday's close.

Traders said they saw the shilling in a 75.00-75.70 range in coming days.

"Both counters are well balanced and at the moment, what we are seeing is the bias remains for a stronger shilling, though CBK (Central Bank of Kenya) activity is limiting the shilling's appreciation," said a senior trader at one commercial bank.

The bank stayed out of the foreign exchange market on Thursday, but bought the U.S. currency in the previous session.

The central bank also said on Wednesday that remittances sent from Kenyans abroad in the first 11 months of last year fell by 3.2 percent to $553 million compared with a similar period in 2008.

Remittances are Kenya's third biggest source of foreign exchange after tourism and agricultural exports. Source

Kenyan remittances slip in October to $53 mln

NAIROBI (Reuters) - The amount of money sent home by Kenyans abroad fell to $53.04 million in October from $53.35 million the month before and the central bank said on Monday that cumulative remittances had dropped 4 percent this year.

Remittances are the third-biggest source of foreign exchange for east Africa's biggest economy, following agricultural exports and tourism.

Kenyans sent home $504.60 million over January-October compared with $527.14 million over the same period last year, but up from $476.66 million in first 10 months of 2007.

Remittances in 2008 totalled a record $611 million, which the central bank says was as a result of Kenyans in the diaspora responding to cushion relatives against the multiple shocks of drought-induced inflation and post-election violence. Read more

Kenya: Forex remittances via mobile phones

Kenyans can now receive remittances from family and friends in the United Kingdom via their mobile phones through a service called M-PESA. This follows a successful pilot project with selected outlets in the UK over the last three months.
mobile phone

The international component of M-PESA makes Safaricom the first telecom company to offer a mobile based international money transfer service. The pilot according to Itnewsafrica.com engaged three agents - Western Union, Provident Capital Transfers and KenTv.

A total of 19 outlets were carefully selected to cover areas with relatively high number of Kenyans, including Reading, London, Luton, Wembley and Glasgow, the report said. Read more

Kenya leads region in remittances from abroad — UN report

Kenya received the bulk of remittances in the region in 2007, amounting to $1,588 million, while Uganda got $849 million, and $51 and $14 million were sent to Rwanda and Tanzania respectively.

According to the 2009 Human Development Report launched last week by the UN, average remittances per person in Kenya were $42, $27 for Uganda, $5 for Rwanda and $0 for Tanzania, compared with $26 as the average for sub-Saharan Africa, which received a total of $16,815 million. Read more

Kenyans’ remittances home rise 8%

Friday, 4th September, 2009
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NAIROBI

The amount of money sent home by Kenyans living abroad in July was $50.372m, up 8.7% from $44.137m in the same month of 2008, the Central Bank of Kenya said on Thursday.

Total remittances in the first seven months of 2009 stood at $342.3m, down 8.4% from the same period of 2008, but up 10.3% from January-July 2007.

“The surge in 2008 remittance inflows was attributed to the Safaricom IPO and post-election violence, which attracted large funds for investment and consumption smoothing respectively,” the bank said in a statement issued early on Thursday.

Remittances to east Africa’s biggest economy are a key source of foreign exchange. They totalled $611.2m in 2008, up from $573.6m in 2007. Read more

Kenyan Remittances Rose 8.7% in July, Central Bank Says

y Eric Ombok

Sept. 3 (Bloomberg) -- Kenyans living abroad sent home $50.4 million in July, an increase of 8.7 percent, compared with $46.3 million a month earlier, the Central Bank of Kenya said on its website late yesterday.

Total remittance inflows for the period January to July 2009 declined 8.4 percent to $342.3 million compared with $373.3 million in a similar period in 2008, the Central Bank said.

“The surge in 2008 remittance inflows was attributed to the Safaricom IPO and post-election violence, which attracted large funds for investment and consumption smoothing respectively,” it said.

The dominant source of inflows to Kenya is North America which accounts for over 50 percent of total remittances, the bank said.

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net

Source

Kenya: Diaspora remittances drop as job losses rise

By Morris Aron

Remittances from the Diaspora fell to the lowest level since January raising the uncertainty bar over the direction the flow is likely to take in the coming months after the US and UK reported massive layoffs last month.

Remittances fell to just over $46,347 (Sh3.6 billion) in June since peaking at $55, 361 (Sh4.3 billion) in March.

Analysts say that if the trend is sustained in the medium to long term, sectors of the economy that rely on remittances — such as real estate, construction — and households are likely to be negatively affected. Read more