First, remittance is the money sent by somebody in a land, far away from home/foreign land to his home country. We all know of relatives, friends, family friends or even family members like fathers, mothers, brothers, and sisters who are working abroad. Many of these people working abroad usually send some money home once in a while for general upkeep of the family they left behind, or for a project like building a house, to pay school fee or to buy a parcel of land somewhere.
These monies which are sent to Kenya via formal and registered channels like commercial banks and many other authorized remittance service providers in Kenya are being monitored by the Central Bank Of Kenya on a monthly basis. Because huge amounts of money are sent monthly, remittances are nowadays recognized as a crucial contributor to the country’s growth and further development.
Below are diaspora remittances by Kenyans this year alone: