Saturday, July 2, 2022

Kenya is one of our top 3 markets in Africa, WorldRemit says

Kenya is among the top 3 countries in Africa where WorldRemit users globally send money to. In data shared with newsrooms globally to mark International Day of Family Remittances, the London-based global payments company noted it had processed transactions to Kenya worth 170 million GBP (Sh24.47 billion) as of June 1st, 2022. This figure puts Kenya at par with Zimbabwe and second only to Nigeria, where WorldRemit users globally sent 270 million GBP (Sh38.86 billion) over the period under view.

The full ranking, which looks at send volumes on the WorldRemit app and website for the first six months of 2022, is as follows.

  1. Nigeria – 270 million GBP (Sh38.86 billion).
  2. Kenya & Zimbabwe – 170 million GBP (Sh24.47 billion)
  3. Ghana – 140 million GBP (Sh20.87 billion)
  4. Uganda – 100 million GBP (Sh14.39 billion)
  5. Cameroon – 75 million GBP (Sh10.79 billion)
  6. Tanzania – 60 million GBP (sh8.63 billion)
  7. South Africa & Somaliland – 55million GBP (Sh7.91 billion)
  8. Rwanda – 40 million GBP (Sh5.85 billion)

WorldRemit, which provides international money transfer services across 130 countries in over 70 different currencies, also published data on inflows to countries in the Americas and Asia Pacific Region that have significant migrant populations in the diaspora.

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WorldRemit allows receivers in Kenya to receive their funds as a bank transfer, on M-PESA and other mobile wallets, as cash pick up in selected banks and financial institutions, and as airtime top-up on their phone.

Remittances, or money sent back home by migrants living abroad, have been steadily increasing in Kenya in recent years. Data from the Central Bank of Kenya (CBK) shows that remittances reached USD 3.71 billion (Sh421.98 billion) in 2021, up 20.2 percent from USD 3.09 billion (sh351.46 billion) a year earlier. They a have hit a record high every year since 2016 and continue to gain momentum in 2022.

Customer surveys by WorldRemit shows that the top uses of remittances are education, medical expenses, and household needs. More customers are also shifting to digital channels which have proven to be more affordable, secure, and fast.

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