Remittance inflows to Kenya increased by 22.9% in September 2024 compared to the same period in 2023, reaching USD 418.5 million.
This uptick contributed to a 14% year-on-year increase in cumulative inflows for the 12 months to September 2024.
The United States remains the primary source of remittances to Kenya, accounting for over 55% of the total. However, there was a slight 2.5% decline in inflows from the US in September.
Saudi Arabia has emerged as a significant source of remittances, surpassing the UK. This shift reflects changing migration patterns, with more Kenyans seeking employment opportunities in Gulf countries.
Africa continues to be a notable source of remittances, with Uganda, Tanzania, and South Africa being the top contributors.
| 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 |
| 2024 | 9 | 243,361.37 | 70,484.84 | 104,649.09 | 418,495.31 |
Overall, remittance inflows remain a crucial source of foreign exchange for Kenya, supporting the country’s current account and economic growth.
“The remittance inflows continue to support the current account and the foreign exchange market,” noted CBK in its weekly bulletin.
