Africa fastest-growing source of Kenya diaspora dollar inflows

News published on Mar 22, 2024 @ 3:27 pm

Cash sent home by Kenyans working in African countries became the fastest-growing source of the nation’s diaspora dollar inflows last year at a time when overall remittances grew by the slowest pace in four years, largely hurt by elevated inflationary pressures on earnings in the US and Britain.

Cash wired home by Kenyans in other countries on the continent climbed by nearly half to $305.21 million (about Sh48.83 billion under prevailing conversion rates) in 2023 compared with the year before, official data shows, helping boost dollar flows whose supply has been problematic.

Topic
Diaspora engagement
Focus Region
Africa