Sh91.8 billion sent abroad shows rising foreign earnings in Kenya
Data from the Central Bank of Kenya (CBK) shows the amount rose by 5.58 percent from Sh86.99 billion in 2023, marking the fifth consecutive year of growth in remittances sent out of the country.
Foreigners living and working in Kenya sent home a record Sh91.84 billion in 2024, reflecting their rising earnings while more Kenyans sought opportunities abroad.
Data from the Central Bank of Kenya (CBK) shows the amount rose by 5.58 percent from Sh86.99 billion in 2023, marking the fifth consecutive year of growth in remittances sent out of the country.
The pace, however, slowed compared to the previous year’s 24.3 percent increase.
Most of the money was transferred to countries in the East African region through digital channels and the 21 registered money remittance providers across the country.
“Digital channels are the most popular mode of transfers due to ease of access and speed of delivery of funds to beneficiaries,” the CBK said in its recently published banking sector supervision report.
The rise in outflows signals a growing number of foreigners choosing Kenya as a base to improve their financial position.
Meanwhile, thousands of Kenyans continue to leave the country seeking better pay and employment opportunities abroad, particularly in the UK, the US, Canada, and Saudi Arabia.
By the end of 2023, the Kenyan diaspora was estimated at four million, according to the Ministry of Foreign Affairs.
At the same time, remittances flowing into Kenya from citizens working abroad also grew, reaching Sh440.18 billion last year, up from Sh362.91 billion in 2023.
On average, this means that for every shilling sent out of the country, five shillings were sent in.
CBK figures on outflows may, however, be understated.
The 2022 Financial Sector Deepening Kenya survey highlighted substantial informal cross-border remittances, particularly within East African Community countries.
The survey found that 70 percent of remittances between Kenya and EAC members such as Tanzania and Uganda are conducted informally, bypassing formal channels.
The trend reflects both Kenya’s growing role as a regional hub for foreign workers and the continued mobility of its citizens in search of economic opportunities abroad.
