Kenya to Conduct Household Survey to Track Dollar Remittances

The Central Bank of Kenya (CBK) and the Kenya National Bureau of Statistics (KNBS) have announced plans to conduct a comprehensive household survey aimed at tracking the amount and usage of dollar remittances received by Kenyans from abroad. This move is part of efforts to better understand the impact of foreign remittances on the country’s economy. The survey will provide valuable insights into the sources, amounts, and uses of these remittances, which are a significant source of foreign exchange for Kenya. According to the CBK, remittances from Kenyans living abroad have been on the rise, with the country receiving over $2.5 billion in 2022 alone. The survey will help policymakers to develop strategies to promote the use of formal channels for remitting money, reducing the reliance on informal channels that can be vulnerable to fraud and other risks. The KNBS will be responsible for collecting and analyzing the data, which will be used to inform policy decisions and interventions. The survey will also help to identify the main sources of remittances, including countries and regions, as well as the demographic characteristics of recipients. Furthermore, the survey will investigate how remittances are used, including whether they are spent on consumption, savings, or investment. The findings of the survey will be crucial in helping the government to develop policies that support the growth of remittances and their effective use. The CBK and KNBS have assured the public that the survey will be conducted in a transparent and rigorous manner, with adequate measures in place to ensure the confidentiality and security of the data collected. The survey is expected to commence soon, with the results expected to be released later this year. The move has been welcomed by stakeholders, who believe that it will help to promote the development of the financial sector and support economic growth. The survey is also expected to provide insights into the challenges faced by Kenyans living abroad in sending money back home, including high transaction costs and limited access to formal remittance channels. The government has pledged to use the findings of the survey to develop policies that address these challenges and promote the use of formal remittance channels. In addition, the survey will help to identify opportunities for innovation and investment in the remittance market, including the development of digital payment platforms and other financial technologies. The CBK and KNBS have encouraged all Kenyans to participate in the survey, which will be conducted through a combination of interviews and online questionnaires. The survey is part of a broader effort by the government to promote financial inclusion and reduce poverty, with remittances playing a critical role in supporting the livelihoods of many Kenyan households. The government has also announced plans to develop a national remittance policy, which will provide a framework for the development of the remittance market and support the growth of remittances. The policy will be informed by the findings of the survey, as well as other research and stakeholder consultations. Overall, the household survey is an important initiative that will help to promote the development of the remittance market and support economic growth in Kenya. By providing valuable insights into the amount and usage of dollar remittances, the survey will help policymakers to develop effective policies and interventions that support the growth of remittances and their effective use.

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