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.
[TECH] MILESTONE | Diaspora Remittances to Kenya Hit a Historic Record High of $427 Million in August 2024: Diaspora remittances by Kenyans hit $427.2 million in August 2024, the highest monthly value sent b.. https://t.co/15yNkcrUhG via @BitcoinKE
— Top Kenyan Blogs (@Blogs_Kenya) October 2, 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).
56.7 percent of the total remittances received in October 2024 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.
LIST | Top 10 African Countries that Received the Most Remittance Dollars in 2023
Nigeria remains the leading country for remittances received on the continent and accounted for 38% of the $54 billion remittance inflows into sub-Saharan Africa in 2023.… pic.twitter.com/HCLvbKUZqx
— BitKE (@BitcoinKE) July 25, 2024
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.
Meanwhile, 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.
REMITTANCES | Saudi Arabia Surpasses the UK as a Second Largest Source of Diaspora Remittances to Kenya in H1 2024
According to CBK’s weekly bulletin, the U.S. remains the largest source of these remittances, contributing 52% of the total in July 2024.… pic.twitter.com/w4rQc4O03e
— BitKE (@BitcoinKE) September 5, 2024
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