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What to expect in payments: remittance space in Kenya

By Andrew Kulankash, IAMTN

What better way to start the year than the news that diaspora remittances have crossed the Kes. 300 billion annual mark. Data from the Central Bank of Kenya indicate that 2020 was a buoyant year despite the global effects of the COVID-19 pandemic, registering a 10.7% growth to register $3.094 Billion (Kes 330 Billion). Despite a global drop projection of 14%, Kenya has registered growth which has been supported by financial innovations that provided Kenyans abroad convenient channels for their transactions. Read more