Kenya's 2021 Diaspora Remittance Survey revealed that 32 percent of remittances are through mobile money operators, due to the convenience, speed, and lower cost. Still, a lot needs to be done to reduce costs towards the SDG target. Remittances are used by recipients largely for daily expenditures, and not for investment and growth.
For your information, latest available figures indicate that only about 20% of Filipino households have bank accounts. Nevertheless, we are optimistic that given our ongoing national campaign to broaden and deepen the reach of our financial education program, this indicator is bound to improve.