January 25

Diaspora Remittances Now Kenya’s Largest Foreign Exchange Earner

Kenya is now earning more foreign exchange from diaspora remittances than each of its major exports – coffee, tea and horticulture – in spite of persistent criticism of a poor diaspora policy.

The latest figures from the Central Bank of Kenya reveal that the country’s diaspora remittances rose by 8.34 percent to $4.027 billion in 2022, closing in on exports, which brought in $5.77 billion worth of foreign currency in the same period.

Compared with 2021, Kenya’s total exports rose 7.5 percent, a slower growth rate than the diaspora remittances, which are projected to keep growing as the world’s economy continues to recover.

Photo courtesy of USAID Digital Development.

Source: The East African (link opens in a new window)

financial inclusion, remittances