Kenyans in the diaspora sent home KES 8.4 billion in the month of November 2012. This is 6.4% increase compared to October 2012 where KES 8 billion were remitted. According to the Central Bank of Kenya (CBK), the increase in remittance results reduced transaction charges for money transfer services due to increased competition, and the convenience of sending money by mobile phones.

The average remittances inflow in November 2012 were KES 8.2 billion compared to KES 6.2 billion recorded over the same period in 2011, which represents a  32.1% increase.

Apart from  tea, horticulture and tourism, remittances are one of the main sources of foreign exchange for east Africa’s biggest economy alongside. According to a statement by Reuters, Kenya got a record $891.1 million(KES 75.74 billion) in remittances in the year 2011.