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- In May 2024 Kenyans received $400-million from family members abroad
- Remittances are spent on household goods, food and land investments
- In 2023 remittances accounted for almost 4% of Kenya’s GDP
Kenyans living abroad are contributing significantly to Kenya’s GDP by sending money to their families. They sent $4.2-billion home in 2023.
The Central Bank of Kenya says these remittances are an important contributor to the economy and it is developing policies to encourage and regulate this form of investment.
In May 2024, Kenya received just over $400-million in remittances. About half was sent from the US, $35-million from Saudi Arabia and $27-million from the UK. Tanzania ($6.5-million) was the source of the most remittances from other African countries.
Remittances accounted for 2.1% of Kenya’s GDP in 2013. Ten years later, this had increased to 3.9%. Revenue from exports that year accounted for less than 12%.
Most remits are sent to family, who use the money for food and household goods or to invest in land and building.
Mobile money services such as M-Pesa are the preferred way to transfer funds.
— 8 August, 2024Subscribe to the weekly newsletter for more charts like this
