Kenya’s Diaspora Remittances Skyrockets to Record Sh56.2 Billion in October

Kenyan diaspora remittances has hit a new monthly record of $437.2 million, equivalent to Ksh.56.2 billion, in October 2024. This is fuelled by increased flows from regions outside the US and Europe, which have recorded daily remittances
averaging Sh1.81 billion.

The cumulative 10-month remittances reached Sh527.92 billion, a 17.7% growth from last year’s $3.46 billion. Besides, remittances from the rest of the world also grew by 12.6% to $117.88 million, while North America, which accounts for 56.7% of total remittances, increased by 1.9% to $247.9 million.

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This growth has surpassed the Central Bank of Kenya’s (CBK’s) projections, revised upward thrice this year to 16%, underlining the increasing importance of diaspora remittances as Kenya’s
largest source of foreign cash flows since 2015, surpassing tourism, foreign direct investments, and key agricultural exports.

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The trend reflects the significant contribution of Kenya’s international
migrant population, with the US hosting the largest number (157,000) followed by the United Kingdom (139,000), while remittances have averaged $3.56 billion annually over the past five years.