According to the global lender, the increased cost took a hit on the inflows coming into the African continent as a whole compared to other developing nations
Cumulative inflows for the 12 months to May 2024 totalled $4,509 million (Sh580 billion), compared to $3,997 million (Sh514.2 billion) in a similar period in 2023, an increase of 12.8 per cent.
The State Department for Diaspora Affairs has announced plans to conduct a baseline survey, seeking a consultant to develop a framework and tactical plan for enhancing remittances.
Diaspora remittances have grown rapidly in recent years to become the country’s main source of foreign exchange, surpassing domestic exports such as tea, coffee and flowers, as well as tourism.