Further, remittances now represent a prime source of external finance for low- and middle-income countries relative to other types of flows, such as foreign direct investment (FDI), official development assistance (ODA), and portfolio investment flows.
Closer home, Kenya is the third largest recipient of remittances in Sub-Saharan Africa, and it received $ billion in 2022, an increase of 8.3 percent compared to 2021, which represents over 3 percent of Kenya's GDP. Remittances have had massive impact on the lives and livelihoods of the recipients.