Kenya diaspora remittances grow to record $4bn

Money sent home by Kenyans living abroad continued on a growth trajectory to hit a record Ksh671 billion ($4.19 billion) in 2023, significantly boosting the country’s current account balance amid falling export revenue.

Data from the Central Bank of Kenya (CBK) shows that diaspora remittances in the 12 months to December 2023 increased by 4 percent from the $4.028 (Ksh645 billion at current exchange recorded in a similar period in 2022.

The rise in remittances was largely driven by growth in diaspora receipts from within Africa, which increased by more than 50 percent year-on-year in the 12 months to November 2023.

The United States remained the largest source of diaspora remittances last year, accounting for 56 percent of the remittances, a one percent increase from the $2.33 billion posted in 2022.

Other top sources of remittances were Canada, the United Kingdom, Germany, Saudi Arabia, the United Arab Emirates, and Australia.

Source: business week