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Browsing: African Diaspora Network (ADN)
- Kenya is among the top three countries receiving the most international remittances across sub-Saharan Africa, after Nigeria and Ghana. Overall, the US, Saudi Arabia and UK account for nearly three-quarters of total annual inflows into Kenya.
- Kenyans living abroad sent home $357 million in March 2023, a 15.5 percent increase compared to February.
- As a whole remittances from the African diaspora are estimated at $95.6 billion annually, making it a key foreign exchange earner.
Diaspora remittances have risen to become Kenya’s largest foreign exchange earner, surpassing the country’s key exports such as tourism, tea, coffee and horticulture. According to Central Bank of Kenya (CBK) data, diaspora remittances rose by 8.34 percent to $4.027 billion in 2022. In the same period under review, tea exports earned the country $1.2 billion, horticulture $901 million, chemicals $521 million, coffee $301 million and petroleum products $77 million. The widening disparity highlights the crucial role …
