DP Kindiki: Diaspora remittances now Kenya’s top Foreign Exchange Eearner

He revealed this on Saturday evening during a meeting with Kenyan professionals in Windhoek, Namibia.

The event, which brought together members of the Kenyan diaspora community in Namibia, focused on the government's ongoing efforts to strengthen the economy and improve Kenyans' living standards at home and abroad.

DP Kindiki highlighted five major government initiatives, emphasizing the critical role the diaspora plays in driving Kenya's economic development.

“Diaspora remittances have become a cornerstone of our economy, surpassing even our traditional exports like tea and horticulture,” Kindiki remarked.

“This highlights the tremendous impact Kenyans abroad are having on our nation's development. We are committed to creating an environment where the diaspora can continue to thrive and further contribute to our progress.”

Kenyans living and working abroad sent home a record $4.94 billion (Ksh.640.75 billion) in the fiscal year ending December 2024, representing an 18 percent increase that exceeded the Central Bank of Kenya's (CBK) projections.

According to CBK data, this growth was significantly higher than the previous year's $4.18 billion (Ksh.542.89 billion).

This record-breaking performance culminated in December 2024, when monthly remittances hit a record high of $445.4 million (Sh57.1 billion).

While the Deputy President refrained from providing specific figures during his address, this development highlights the growing significance of remittances in Kenya’s economic landscape.

The diaspora's contributions have risen steadily over the last ten years, propelled by a sizable and vibrant Kenyan expat population across the globe.

Members of the Kenyan community in Namibia voiced a number of concerns during the event, including those pertaining to trade, immigration, and travel logistics.

They urged the government to address these issues in order to facilitate better connections between the diaspora and their home country.

Kindiki reassured the attendees that the government is taking proactive steps to streamline processes and increase opportunities for Kenyans living abroad to invest and participate in national development.

“We hear your concerns, and we are committed to addressing them. We understand the unique challenges you face and are dedicated to providing more efficient services to support your contributions,” he affirmed.