Kenya Receives Ksh 118 Bn in Remittances From its Diaspora

Cumulatively, Kenyans living in the diaspora have now sent back Ksh.160.5 billion ($1.4 billion) in the year to date with first quarter diaspora remittances standing at Ksh.118.4 billion ($1.024 billion).

Diaspora remittances in the first quarter of 2022 grew by 23.5 percent to Ksh.118.4 billion ($1.024 billion) according to the Central Bank of Kenya (CBK).

Dollar flows from Kenyans living and working abroad rose from Ksh 95.9 billion ($829.4 million) over a similar period in 2021.

March remittances surged by 25 percent from Ksh.33.6 billion ($290.8 million) to Ksh.42 billion ($363.6 million).

According to the CBK, the US remains the largest source of remittances in Kenya, accounting for 58 percent in the period.

“The strong remittances inflows continue to support the current account and the stability of the exchange rate,” said CBK in its weekly bulletin.

Other key source markets include the United Kingdom, Germany, and Canada while the Gulf states such as Saudi Arabia, the United Arab Emirates, Qatar, and Bahrain have also emerged as important drivers of remittances due to the growing number of Kenyan migrant workers in these countries.

In 2021, Kenya received KSh422 billion ($3.718 billion) from the diaspora, setting an all-time record for the diaspora flows over a calendar year.

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IK is a Masinde Muliro University graduate. His interests are in news and analysis on women's rights, politics, technology, law, and global affairs.

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