Remittances from Kenyans in the diaspora are a vital source of funds for many families around the world and are an area of payments where, for all parties involved, time is of the essence and every cent counts. Low- and middle-income countries make up the bulk of receivers of these inflows – representing $605 billion of the total $773 billion of incoming remittances in 2021, according to the World Bank.
Thirty poor countries received more than 10 percent of the GDP in remittances, with eight receiving over a quarter of GDP through these inflows. However, poor access to traditional banking facilities means that cross-border payments can be slow, risky, and expensive.
