The Central Bank of Kenya (CBK) announced on November 13 that remittances sent by Kenyans living abroad dropped by more than Ksh1 billion in October 2026 compared to the same month in 2025. The weekly bulletin revealed that total inflows from diaspora amounted to $430.5 million. This represents a notable decrease from the previous year.
The decline in remittances comes amid broader economic challenges facing Kenya. The CBK noted that the drop was influenced by several factors, including global economic conditions and reduced employment opportunities abroad for Kenyan workers. The data also shows a shift in the destinations of remittances, with some Kenyans opting to send money to other African countries instead of Kenya.
Remittances have long been a crucial source of foreign exchange for Kenya, contributing significantly to the country’s economy. The recent decline raises concerns about the impact on local businesses and households reliant on these funds. Experts suggest that the trend could continue unless there is a reversal in global labor market conditions or improved economic prospects for Kenyans overseas. The CBK is expected to release further analysis on the long-term implications of this shift.
