Kenyans in the diaspora have stopped sending money back home as much as they used to

Kenyans abroad are no longer sending money back home as much as they did in the previous years according to a report released by World Bank.In a report published by The Standard Newspaper, the amount of money sent in the country by Kenyans working abroad has taken a dip to Sh185 billion in 2017, which is equivalent of a growth rate of 4 per cent.In 2016 the percentage stood at 10 per cent making 2017 the slowest year the country has experienced diaspora remittances.In 2012 for instance, remittance grew by over 31 percent.Over the last five years, remittances have posted an annual growth rate of between 8 and 10 per cent.The report also states that remittance in 2016 alone was Ksh 177 billion which was more than Kenya earned from foreign exchange after exporting tea, horticulture and tourism.The report, however, states that other Sub-Saharan Africa countries will experience a slightly sharper growth by the end of the year.“Buoyed by improved economic activity in high-income Organisation for Economic Co-operation and Development (OECD) countries, remittances to Sub-Saharan Africa are projected to grow by a robust 10 per cent to $38 billion this year. "The region’s major remittance receiving countries, Nigeria, Senegal and Ghana, are all set for growth,” the World Bank said in a report on migration and remittances. “The region’s major remittance-receiving countries are all projected to have remittance growth in 2017: Nigeria is expected to have 11.1 percent growth, Ghana 4.3 per cent, and Kenya 4.1 per cent."Money sent from abroad is usually coming from Western Europe(29 per cent) and North America. United States and Canada account for more than 50 per cent of the money.Some of the issues that have seen the slow growth this year include the anticipation of the election and the huge cost of sending money.The charges to send money from abroad currently stand at 7.1 per cent from the USA and 9.5 per cent of the sum according to World Bank’s Remittances prices worldwide.