Somalia rising as source of remittances for Kenya and Uganda

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A section of the attendees at the Invest Somalia Conference & Expo 2024 in Mogadishu. PHOTO | CHRIS OMULANDO | NMG

Somalia has emerged as a new source of remittances for Kenya and Uganda, accounting for $180 million and $21.9 million respectively per year, diplomatic sources say.

According to data at the diplomatic missions in Mogadishu, there are more than 35,000 Ugandans in Somalia, remitting between $50,000 and $60,000 per day, compared with Kenyans, whose remittances average $500,000 million per day.