Remittances flowing into Kenya reached a record high of USD 4.945 billion in 2024, an 18% increase compared to the previous year.
This significant inflow of funds from Kenyans living abroad has provided crucial support to the country’s economy, bolstering its current account and contributing to exchange rate stability, according to the Central Bank of Kenya (CBK).
The United States remained the primary source of remittances, accounting for 51% of the total inflows.
December 2024 witnessed a strong month-over-month increase, with remittances reaching USD 445.4 million, a 5.2% jump from November.
This sustained growth in remittances underscores their vital role as a significant source of foreign exchange for Kenya.
Diaspora inflows surpassed the CBK’s projection of USD 4.92 billion and 17.5% growth.
| Year | Month | North America | Europe | Rest of World | Total Remittances (USD ‘000) |
|---|---|---|---|---|---|
| 2024 | 1 | 227,764.71 | 85,970.23 | 98,675.10 | 412,410.04 |
| 2024 | 2 | 216,261.02 | 68,506.15 | 101,166.51 | 385,933.68 |
| 2024 | 3 | 229,327.94 | 70,459.26 | 107,984.99 | 407,772.19 |
| 2024 | 4 | 214,547.83 | 74,874.09 | 107,874.65 | 397,296.56 |
| 2024 | 5 | 226,417.81 | 68,225.28 | 109,804.30 | 404,447.39 |
| 2024 | 6 | 206,630.55 | 62,654.47 | 102,307.78 | 371,592.80 |
| 2024 | 7 | 227,532.70 | 73,721.62 | 113,003.32 | 414,257.64 |
| 2024 | 8 | 250,084.59 | 68,447.17 | 108,668.97 | 427,200.73 |
| 2024 | 9 | 243,361.37 | 70,484.84 | 104,649.09 | 418,495.31 |
| 2024 | 10 | 247,934.48 | 71,364.49 | 117,883.06 | 437,182.04 |
| 2024 | 11 | 242,877.06 | 71,350.29 | 109,021.52 | 423,248.87 |
| 2024 | 12 | 242,410.58 | 74,544.64 | 128,430.12 | 445,385.34 |
Shifting Remittance Landscape
Saudi Arabia has overtaken the UK as the second-largest source of remittances, reflecting changing migration patterns.
While migration to European countries has become more challenging, the demand for Kenyan workers in Gulf countries has increased.
Key Contributors and Regional Significance
- Within Africa: Tanzania, Uganda, and South Africa are among the top remittance sources to Kenya.
- Regional Leadership: Kenya leads diaspora remittances within the East African region, surpassing Somalia (US$1.7 billion), Uganda (US$1.5 billion), DRC (US$1.4 billion), and South Sudan (US$1.1 billion).
Tips for Security and Safety in The Age of Digital Remittances
