Money sent by Kenyans living and working abroad has surged by 12.1 per cent over the past year, reaching an impressive Ksh 749.6 billion by April 2025, thus boosting the country's economy and providing a steady source of foreign exchange.
According to the latest data from the Central Bank of Kenya (CBK), this marks a significant rise from the Ksh 668.6 billion recorded in the corresponding period of 2024.
The CBK data revealed that remittance inflows in April 2025 amounted to Ksh 63.4 billion (USD 422.9 million), reflecting a 6.4 per cent year-on-year increase from Ksh 59.6 billion (USD 397.3 million) in April 2024.
"Remittance inflows in April 2025 amounted to USD 422.9 million (ksh 63.4 billion), reflecting a 6.4 per cent year-on-year increase from USD 397.3 million (59.6 billion) in April 2024."
"The cumulative inflows for the 12 months to April 2025 increased by 12.1 per cent to USD 4,997 million (Ksh 749.6 billion) compared to USD 4,457 million (Ksh 668.6 billion) in the corresponding period of 2024," the data reads.
According to the data, the United States accounted for 56 per cent of total remittances in April 2025, reinforcing its position as the dominant source of remittances
“These sustained inflows continue to underpin Kenya’s current account stability and bolster foreign exchange market resilience. The United States accounted for 56 per cent of total remittances in April 2025, reinforcing its position as the dominant source of remittances,” CBK stated.
The increase in remittances comes amid news that President Donald Trump’s administration plans to impose a remittance tax on money sent by Kenyans in the US.
The CBK conducts a monthly survey on remittance inflows through formal channels, including commercial banks and authorised international remittance service providers in Kenya.
The steady increase in remittance inflows highlights the continued financial support from Kenyans abroad, which remains a vital source of foreign exchange and a key factor in stabilising the country’s economy.
Regarding Exchange Rates, the Kenyan shilling showed stability against major international and regional currencies during the week ending May 15.
Specifically, on May 15, it exchanged at KSh 129.25 per US dollar, a slight appreciation compared to KSh 129.27 per US dollar recorded on May 8.
