Diaspora remittances to Kenya registered a Ksh 2.4 billion increase in October when compared to September according to data by the Central Bank of Kenya (CBK).
The data shows that Kenyans abroad sent home a total of Ksh 56.4 billion ($437.2m) in October compared to Ksh 54 billion ($418.5m) the previous month.
Year-on-year, the October inflows were also 22.9pc higher when compared to the corresponding period last year when diaspora remittances totaled$355.6 million.
CBK says cumulatively, inflows for the 12 months to October 2024 increased by 15.3pc to $4.8 billion compared to $4.2 billion in a similar period in 2023.
“The remittance inflows continue to support the current account and the foreign exchange market. The US remains the largest source of remittances to Kenya, accounting for 53.7pct in October 2024,” said CBK.
In the month under review, inflows from North America rose to Ksh 32 billion ($247.9m) while those from Europe increased to Ksh 9.2 billion ($71.4m). Diaspora remittances from the rest of the world also rose to Ksh 15.2 billion ($117.9m) from Ksh 13.5 billion ($104.6m).
