NAIROBI, Kenya – Foreign nationals working in Kenya sent home a record Sh91.84 billion in 2024, underlining their rising earnings even as thousands of Kenyans sought better opportunities abroad.
Data from the Central Bank of Kenya (CBK) shows the amount grew by 5.58 per cent from Sh86.99 billion in 2023 — the fifth year in a row that outward remittances have increased.
Most of the funds were transferred to countries within the East African region through digital platforms and the 21 licensed money transfer providers in Kenya.
“Digital channels are the most popular mode of transfers due to ease of access and speed of delivery of funds to beneficiaries,” CBK noted in its latest banking sector supervision report.
Slower Growth, But Rising Flows
While the value of transfers rose, the pace of growth slowed compared to the 24.3 per cent jump recorded in 2023.
CBK added that informal cross-border transfers remain significant, especially within the East African Community, meaning the actual outflows could be higher.
A 2022 survey by Financial Sector Deepening Kenya estimated that 70 per cent of transfers between Kenya and neighbouring countries such as Tanzania and Uganda occur through informal channels.
Kenya: Both a Sender and Receiver
The rising outflows reflect Kenya’s growing role as a financial hub for foreign workers.
At the same time, inflows from Kenyans abroad continued to surge, hitting a record Sh440.18 billion in 2024, up from Sh362.91 billion in 2023.
On average, this means that for every shilling sent out of Kenya, five shillings were received from the diaspora.
The Ministry of Foreign Affairs estimates that about four million Kenyans were living and working abroad by the end of 2023, with large numbers employed in the UK, the US, Canada, and Saudi Arabia.
The data highlights a dual reality: while foreigners in Kenya are increasingly using the country as a base to improve their financial positions, many Kenyans continue to migrate in search of higher wages and better living standards.
