Diaspora remittances grow to record Sh671bn in a year

Money sent home by Kenyans living abroad continued on a growth trajectory to hit a record Sh671 billion ($4.19 billion) in 2023, significantly boosting the country’s current account balance amid falling export revenue.

Data from the Central Bank of Kenya shows that diaspora remittances in the 12 months to December 2023 increased by 4 percent from the $4.028 (Sh645 billion at current exchange rates) recorded in a similar period in 2022.