World Bank’s report on Leveraging Diaspora Finances for Private Capital Mobilisation has ranked Kenya as the third country to receive the highest diaspora remittance in Africa in the year 2023.
Kenya emerged third, followed by Zimbabwe, which received Ksh486 billion in 2023. Uganda, on the other hand, was the second East African country on the list at position seven after receiving Ksh204 billion in the past year.
“The slowed growth in remittances observed in 2023 is explained by the slow pace of growth in the high-income economies where many Sub-Saharan African migrants earn their income. Remittances from the United States have remained stable,” the report reads in part.
“Although the euro area has recovered, its output remains 2.2 per cent below pre-pandemic projections.”
According to the report, remittances to the Sub-Saharan Africa are estimated to grow by 1.9 per cent in 2024.
According to the report, Kenya received over Ksh660 billion, emerging as the first East African country on the list.
Overall, Nigeria led with Ksh3.2 trillion (20.5 billion US dollars), followed by Ghana with Ksh771 billion.