This document provides an update to the original Kenya country diagnostic that was produced in 2021. This Report documents significant changes that have occurred since that time.
In general, there have not been major structural changes to the Kenya remittance market in the last two years. The volume of remittances flowing into Kenya has grown noticeably during this period with the United States continuing to be the main sending country and increased flows from the Saudi Arabia. Informal flows remain popular for transactions with bordering countries.
Kenya is a net inbound remittance market, receiving just over US$4 billion in 2022 ranking 5th in Africa (with the United States and the United Kingdom as the main sending markets), compared to outflows at US$509 million (2022). Remittances account for nearly 3.4 per cent of gross domestic product (GDP) and are a leading source of foreign exchange in the country.