Kenyans living and working abroad sent a record-breaking US$427.2 million in remittances to Kenya in August 2024, surpassing previous highs. The increase was driven by higher inflows from America and Australia.
Kenyans living and working abroad sent a record-breaking US$427.2 million (KSh55.2 billion) in remittances to Kenya in August 2024.
This marks a 3.1% increase from July 2024 and a 20.6% increase from August 2023, driven by higher inflows from America and Australia.
Remittances from the United States and Australia drove the surge, offsetting declines from Europe, Asia, and Africa.
Since 2015, diaspora remittances have been Kenya’s primary source of foreign inflows, surpassing tourism, foreign direct investments, and key agricultural exports.
In the twelve months ending August 2024, cumulative remittance inflows rose 12.7% to US$4.6 billion from US$4.1 billion in the same period in 2023.
| 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 |
| 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 |
| 2023 | 12 | 222,115.88 | 63,339.83 | 87,114.23 | 372,569.94 |
“The remittance inflows continue to support the current account and the foreign exchange market,” CBK noted in the weekly bulletin.
The United States remains the largest source of remittances to Kenya, accounting for 56% of inflows in August 2024.
Saudi Arabia has overtaken the UK as the second-largest source since March 2024.
Changing migration laws have made it more difficult for Kenyans to move to European countries, while Gulf states have become more attractive destinations.
The consistent growth in remittances has positively impacted the Kenyan shilling, supporting the current account and foreign exchange market.
