DUBLIN--(BUSINESS WIRE)--The "Kenya International Remittance Market Business and Investment Opportunities - Analysis by Transaction Value & Volume, Inbound and Outbound Transfers to and from Key States, Consumer Demographics - Q1 2024" report has been added to ResearchAndMarkets.com's offering.
An in-depth analysis has highlighted significant growth within Kenya's international remittance market. The findings underscore the pivotal role remittances play in the Kenyan economy. The report detailed a sturdy expansion in the inbound remittance sector, with a noted increase of 5.7% during 2023, culminating at US$ 4.53 billion in 2024. The momentum is expected to continue, with the market forecasted to grow at a compound annual growth rate (CAGR) of 3.4% from 2024 to 2028, potentially reaching a valuation of US$ 5.19 billion.
Outbound Remittance Trends
Parallel to the inbound market, Kenya's outbound remittance market also exhibits growth, climbing at 2.7% during the same period to touch the US$12.0 million mark in 2024. By the year 2028, the market projects a growth to US$12.9 million, at a CAGR of 1.7%, based on market data from 2023.
Methodological Precision
The analysis was underpinned by a rigorous methodology reflecting industry best practices, leveraging a sophisticated analytics platform to dissect the data, thus presenting actionable intelligence. The research has meticulously mapped out the remittance market landscape in Kenya, taking transaction values, volumes, and trends into account.
Comprehensive Market Analysis
Notably, the analysis provided a granular view of the remittance journey, emphasizing digital, mobile, and non-digital transfer channels. It included an examination of consumer profiles based on age, income, occupation, and the purpose behind the remittances. Additionally, the research explored the flow of remittances from various sending countries, and across different regions within Kenya.
Strategic Implications for Stakeholders
The knowledge acquired from this report is indispensable for stakeholders in the remittance industry, including financial institutions, digital transfer service providers, and policy makers within the region. It empowers them with necessary insights to make strategic decisions, grasp market opportunities, and assess potential risks. Moreover, the comprehensive study offers future market growth forecasts, underscoring the continuous evolution and the dynamic nature of the Kenyan remittance landscape.
Economic Significance
Remittances represent an essential financial lifeline for many in Kenya, contributing to the economic stability and well-being of households, as well as fueling broader economic development. This detailed market analysis offers an invaluable perspective on the trends and characteristics of remittance flows in and out of Kenya, affirming their significance within the global financial ecosystem.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 130 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $4.5 Billion |
| Forecasted Market Value (USD) by 2028 | $5.2 Billion |
| Compound Annual Growth Rate | 3.4% |
| Regions Covered | Kenya |
For more information about this report visit https://www.researchandmarkets.com/r/39ickz
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