According to a report by World Remit, Kenyans living overseas resorted to changing their lifestyle to continue remitting funds to their families.
The digital payment company based in London, United Kingdom, noted that Kenyan expatriates made sacrifices such as eating less and using public transport to save money.
“49 per cent reported that they eat out less, 46 per cent stated that they save on day-to-day expenses, 28 per cent revealed that they have limited their social gatherings to save money while 25 per cent stated that they opt for public transportation rather than driving themselves,” World Remit stated.
The report underlined that the changes made by these Kenyans living specifically in the UK, the US and Australia were occasioned by the rising cost of living globally.
CBK Governor Patrick Njoroge during the May MPC Conference. PHOTO: TWITTER
Almost half of the expatriates sent money to fewer people than they initially did years before.
“As the world adjusts to increased global inflation, nearly 52 per cent of respondents agree that they sent money to fewer people due to the increased cost of living.
“72 per cent are now only sending to close family members,” the report added.
However, it is projected that the number of remittances will not dip adversely despite the harsh economic times.
World Remit indicated that Ksh20 billion has been remitted to the country through its platform as of June 1 this year.
“Migrants’ resilience and commitment to their loved ones back home has proven to be vital, especially in a period where household expenses are increasing around the world.
“This latest study proves that even during times of financial instability, many migrants are making conscious adjustments to their daily lives to maintain the regular flow of remittances to families and loved ones back home,” WorldRemit head of the Americas, Jorge Godinez Reyes stated.
According to the Central Bank of Kenya (CBK), Kenyans received over Ksh400 billion from relatives living abroad in 2021.
The CBK pension towers located in Nairobi CBD