Kenya is one of our top 3 markets in Africa, according to WorldRemit
Kenya is among the top three countries in Africa where WorldRemit users send money globally.
In data shared with newsrooms around the world to mark International Day of Family Remittances, the London-based global payments company said it had processed transactions to Kenya worth 170 million pounds sterling (24.47 billion Ksh) as of June 1, 2022.
The figure puts Kenya on par with Zimbabwe and just behind Nigeria, where WorldRemit users sent £270 million (38.86 billion shillings) globally during the reporting period.
The full ranking, which looks at sending volumes on the WorldRemit app and website for the first six months of 2022, is as follows.
- Nigeria – £270 million (38.86 billion shillings).
- Kenya and Zimbabwe – £170 million (24.47 billion shillings)
- Ghana – 140 million GBP (20.87 billion Sh)
- Uganda – 100 million GBP (14.39 billion shillings)
- Cameroon – 75 million GBP (10.79 billion Sh)
- Tanzania – £60 million (8.63 billion shillings)
- South Africa and Somaliland – £55 million (7.91 billion shillings)
- Rwanda – 40 million GBP (5.85 billion Sh)
World Remit, which provides international money transfer services to 130 countries in more than 70 different currencies, also released data on inflows to countries in the Americas and Asia-Pacific that have large populations of migrants in the diaspora.
WorldRemit allows recipients in Kenya to receive their funds as a bank transfer, to M-PESA and other mobile wallets, as a cash pickup at select banks and financial institutions, and as an airtime top-up. antenna on their phone.
Remittances, or money sent home by migrants living abroad, have steadily increased in Kenya in recent years.
Data from the Central Bank of Kenya (CBK) shows that remittances reached $3.71 billion (Ksh 421.98 billion) in 2021, up 20.2% from 3.09 billion (351.46 billion Ksh) a year earlier. They have reached an all-time high every year since 2016 and continue to gain momentum in 2022.
WorldRemit customer surveys show that the main uses of remittances are for education, medical expenses and household needs.
More and more customers are also turning to digital channels which have proven to be more affordable, secure and faster.