Remittances from the diaspora contributed a remarkable Sh651.7 billion to Kenya's economy in 2024, marking an 18 per cent rise from Sh543.3 billion in 2023.
The Central Bank of Kenya (CBK) attributes this increase to a steady inflow of funds throughout the year, underlining the pivotal role these remittances play in sustaining the nation’s financial stability.
December saw a particularly strong performance, with Sh57.8 billion being sent home, reflecting a 5.2 per cent growth from the previous month’s Sh54.9 billion.
According to CBK, The United States continued to be the largest source of remittances, accounting for 51 per cent of total inflows in 2024.
“The United States remains the largest source of remittances, contributing 51 percent of total inflows in 2024,” CBK stated.
These funds and earnings from tourism and horticulture are key contributors to Kenya's foreign income.
They help stabilise the exchange rate and support the current account.
Data from the Kenya National Bureau of Statistics (KNBS) shows that in 2023, the country earned Sh352.54 billion from tourism, spurred by a rise in visitor arrivals.
In the 2023/24 fiscal year, tea exports added Sh203.71 billion to the economy.
The growing remittance inflows not only fortify the country’s economy but also provide vital financial support for households, contributing to improvements in education, healthcare, and entrepreneurship.
