A remittance is money sent by a person in a foreign land to his or her home country.
Due to the huge sums involved, remittances are now recognised as important contributors to the country’s growth and development.
Money sent home by Kenyans living and working abroad grew 23.1 per cent during the first four months of this year to hit $1.6 billion (Sh210.4 billion) compared to the $1.3 billion (Sh170 billion at current exchange rates), buoyed by easing inflationary pressures in developed economies.
