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Diaspora remittances now Kenya’s largest foreign exchange earner

Central Bank of Kenya

Central Bank of Kenya whose latest figures of Kenya reveal that the country’s diaspora remittances rose by 8.34 percent to $4.027 billion in 2022. PHOTO | FILE | NMG

By  Vincent Owino

Business and Technology Reporter in Nairobi, Kenya

Nation Media Group

Kenya is now earning more foreign exchange from diaspora remittances than each of its major exports – coffee, tea and horticulture – in spite of persistent criticism of a poor diaspora policy.

The latest figures from the Central Bank of Kenya reveal that the country’s diaspora remittances rose by 8.34 percent to $4.027 billion in 2022, closing in on exports, which brought in $5.77 billion worth of foreign currency in the same period.

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