The rate of growth of money sent from Kenyans in diaspora over the last one year is the slowest witnessed in thirteen years, data from the Central Bank of Kenya has shown.
Although the amount sent back home by Kenyans in diaspora grew over the last one year, the late of growth dipped to a growth rate of four per cent in the nine months to September 2023.
This marked the slowest growth since 2010 when diaspora inflows grew by two per cent.
In the period under review, data from Central Bank of Kenya shows that Kenyans living abroad sent $3.1 billion (Sh. 403.8 billion), which was an increase from $2.9 billion (Sh. 329.1 billion) that was sent last year over the same January to September period.
North America which on average contributes around 60 per cent of diaspora inflows had a massive drop of $13.9 million over this period.
The United States continue to lead the pack of countries with the highest diaspora remittances, with Kenyans living here sending back home USD1.738 million. It was followed by Kenyans in Saudi Arabia who sent back home USD274 million, a clear indication of the growing population of Kenyans working in Saudi.
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The United Kingdom was ranked third with USD256 million while Kenyans in Germany, Australia and Canada sent back USD126 million, USD75 million, and USD60 million respectively.
The other main sources of diaspora remittances were Tanzania, United Arab Emirates (UAE), Uganda, Qatar, and Switzerland. Kenyans living in these countries sent home USD56 million, USD47 million, USD45 million, USD39 million, and USD39 million respectively.
