MILESTONE | Monthly Remittances to Kenya Surpass $437 Million in October 2024 Setting a New Historic Record

Kenya currently leads the eastern African region in diaspora remittances, which serves as the country's largest single source of foreign currency, surpassing earnings from major crops and tourism.

Diaspora remittances to Kenya reached $437.2 million ( KES 56.2 billion) in October 2024, the largest value ever recorded by the central bank.

According to the Central Bank’s data, the remittances rose from $418.5 million (KES 53.7 billion) recorded in the previous month [September 2024] and surpassed the recent record of $427.2 million ( KES 55.3 billion) that had been set in August 2024.

So far, the total remittances in the last 10 months amount to $4.08 billion (KES 527.92 billion), which is a 17.7 percent growth from $3.46 billion (KES 448.38 billion) that was received in a similar period in 2023.

Remittances from the rest of the world, a category which includes countries in Asia like Saudi Arabia, United Arabs Emirates and India as well as those in Australia and Africa such as South Africa, Uganda and Tanzania, rose by 12.6 percent or KES 1.7 billion to $117.88 million (KES15.3 billion).

The impact of Kenyans migrating to gulf nations is showing effect as Saudi Arabia Surpassed the U.K as the second largest source of diaspora remittances to Kenya in H1 2024.

56.7 percent of the total remittances received in October 2024 however was attributed to the North America region, which includes countries such as Canada, United States of America and Mexico.

Since 2015, remittances from the diaspora have become Kenya’s largest source of foreign currency, exceeding revenue from tourism, foreign direct investments, and major agricultural exports like horticulture and tea.

Kenya currently leads the eastern African region in diaspora remittances, which serves as the country’s largest single source of foreign currency, surpassing earnings from major crops and tourism.

The transfers have expanded significantly in 2024, with the Central Bank of Kenya (CBK) twice revising the expected growth rate for the transfers. The growth projection initially stood at 5 percent, was later revised to 12 percent, and eventually increased to 16 percent.

The U.S remains the largest source of remittances to Kenya, accounting for 53.7 percent in October 2024, noted CBK.

 

 

 

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