Remittances are one of the main sources of foreign exchange for east Africa's biggest economy alongside tea, horticulture and tourism. The country got a record $891.1 million in remittances in 2011.
The May inflows rose 4.6 percent from April, when Kenya received $95.6 million from its citizens abroad.
The central bank said North America remained the top source of remittances, accounting for 51.2 percent of the inflows in May, followed by Europe at 27.9 percent. Those from the rest of the world, however, dipped by 2.9 percent in May.
The central bank attributed the increase in inflows to reduced transaction charges for money transfer services due to increased competition, and the convenience of sending money by mobile phones.
Typically, Kenyans living abroad send money home to help their families and for investment in various sectors, including real estate.
In recent years, the central bank says they have also started investing in government securities targeted at them, such as infrastructure bonds and the Savings Development Bond.
Cumulatively in the first five months of 2012, Kenyans in the diaspora sent home $496.7 million, compared with $334.7 million in the same period a year before.
This article is sponsored by medical case study.
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