Remittances are expected to decrease this year by 1% as a result of deteriorating conditions in the countries where migrants are going, according to the international lender. Sending $200, for example, to Sub-Saharan Africa, which includes Kenya, costs 7.8% of the total amount, down from 8.7% the year before.
Notwithstanding household inflationary pressures, the World Bank and industry stakeholders now claim that lowering the cost of sending money remains a crucial driver in boosting diaspora remittances this year.
Remittances to Sub-Saharan Africa, the region most affected by the global crisis, increased by an estimated 5.2% last year to $53 billion (Sh6.96 trillion), up from 16.4% the year before, according to the World Bank’s report. The growth was primarily attributable to strong flows to Nigeria and Kenya.
