President William Ruto has revealed that Kenyans living abroad sent more than $4.94 billion (Ksh 637.06 billion) back home in 2024.
In a statement on Thursday, January 30, following a meeting with Kenyans residing in Egypt, Ruto highlighted the vital role the diaspora plays in the nation's financial growth.
He noted that Kenya’s greatest asset lies in its skilled, knowledgeable, and experienced human capital, adding that Kenyans abroad are globally recognized for their hard work and innovation.
"Kenya's greatest asset is its knowledgeable, skilled and experienced human capital. Globally, Kenyans are renowned for hard work and innovation, and this explains the high demand for them in many parts of the world.
"As a result, Kenyans in the diaspora are playing a crucial role in our economy, remitting more than $4.94 Billion in 2024. Undoubtedly, they have become our largest foreign exchange earners," he said.
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The amount of money remitted in 2024 marks an 18% increase from the $4.19 billion (Ksh 542.89 billion) sent in 2023.
Remittances provide a steady source of foreign currency and support various aspects of social and economic development.
For instance, in 2021, Kenya received over $3.7 billion in remittances, which surpassed earnings from traditional exports like tea and tourism.
This influx of funds has significantly bolstered Kenya's foreign exchange reserves, helping to stabilize the Kenyan shilling and reduce the vulnerability of the economy to external shocks.
Beyond contributing to the national economy, remittances also have a profound impact on social development as many recipients use the funds to support education and healthcare, which leads to improved quality of life.
