Kenya’s diaspora remittances increased by 2.8 per cent in November 2023, reaching $355 million, according to the latest data from the Central Bank of Kenya (CBK).
The CBK said that the remittances, a key source of foreign exchange for the country, were higher than the $345.4 million recorded in November 2022.
“The cumulative inflows for the 12 months to November 2023 totaled Ksh 638.8 billion ($4.18b) compared to Ksh 615.2 billion ($4.02b) in the same period in 2022, an increase of 3.8 per cent,” said CBK.
| Year | Month | North America | Europe | Rest of World | Total Remittances (USD ‘000) |
|---|---|---|---|---|---|
| 2023 | 1 | 212,010.98 | 59,838.87 | 77,541.98 | 349,391.83 |
| 2023 | 2 | 189,034.56 | 56,820.89 | 63,317.25 | 309,172.70 |
| 2023 | 3 | 212,079.84 | 66,569.69 | 78,330.94 | 356,980.47 |
| 2023 | 4 | 187,888.79 | 53,533.53 | 78,894.28 | 320,316.60 |
| 2023 | 5 | 195,185.70 | 62,490.54 | 94,429.56 | 352,105.80 |
| 2023 | 6 | 195,529.61 | 67,010.50 | 83,322.71 | 345,862.82 |
| 2023 | 7 | 217,951.73 | 69,959.78 | 90,141.50 | 378,053.01 |
| 2023 | 8 | 202,090.24 | 61,163.92 | 91,178.68 | 354,432.84 |
| 2023 | 9 | 194,744.39 | 66,816.87 | 78,882.91 | 340,444.18 |
| 2023 | 10 | 202,739.19 | 64,521.36 | 88,363.28 | 355,623.83 |
| 2023 | 11 | 203,179.64 | 61,640.97 | 90,145.57 | 354,966.18 |
| 2022 | 1 | 215,528.88 | 57,828.80 | 65,362.07 | 338,719.75 |
| 2022 | 2 | 182,405.81 | 66,515.55 | 72,610.42 | 321,531.78 |
| 2022 | 3 | 222,531.25 | 64,222.13 | 76,828.28 | 363,581.66 |
| 2022 | 4 | 219,152.83 | 61,026.35 | 74,857.97 | 355,037.15 |
| 2022 | 5 | 203,366.18 | 60,537.34 | 75,779.71 | 339,683.23 |
| 2022 | 6 | 192,716.73 | 59,207.66 | 74,135.40 | 326,059.79 |
| 2022 | 7 | 192,757.71 | 55,940.13 | 70,706.45 | 319,404.29 |
| 2022 | 8 | 186,466.96 | 54,740.40 | 69,299.67 | 310,507.04 |
| 2022 | 9 | 192,844.04 | 55,491.70 | 69,645.25 | 317,980.99 |
| 2022 | 10 | 198,262.67 | 62,972.65 | 71,394.00 | 332,629.31 |
| 2022 | 11 | 200,404.95 | 67,185.24 | 77,858.47 | 345,448.67 |
The US remained Kenya’s largest source of remittances, accounting for 55 percent of the total inflows in November 2023. The US remittances amounted to $196.8m, followed by Saudi Arabia with $31.9m, and the UK with $28.1m.
The CBK said that the remittances from Europe, Asia, Africa, and Australia also increased in November 2023, compared to the same month in 2022.
The bank said that diaspora remittances play a vital role in supporting the balance of payments as well as boosting household incomes and consumption in Kenya.
