By Ebimo Amungo
Kenyan immigrants in the United States remain the leading source of remittances to their home country. This is according to the Central Bank of Kenya. A report in CBK’s weekly bulletin noted that diaspora remittances hit an all-time high in 2024, reaching US$4.95 billion. Fifty-one percent of the total inflows was made by Kenyan immigrants in America.
Diaspora inflows in December 2024 alone reached an all-time monthly high of US$445.4 million, 5.2% higher than the US$423.2 million in November. December 2024, in particular, saw strong remittance activity, attributed to the festive season.
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Remarkably, diaspora remittances now surpass earnings from traditional Kenyan exports such as coffee, tea, and horticulture. Despite ongoing debates over Kenya’s diaspora policies, this achievement reflects a global trend seen across low- and middle-income countries (LMICs), where remittances hit $656 billion in 2023, according to the World Bank.
Remittance has bolstered Kenya’s current account, supported exchange rate stability, and boosted foreign exchange reserves, which stood at $9.143 million as of January 16, 2025. This represents 4.7 months of import cover, exceeding the statutory four-month requirement.