See how Kenyans abroad are creating economic impact in diaspora and back home

Migration has become a foremost option for people looking for a better life.
Kenyans are no different, with the number of migrants up to 4 million.
These migrants are contributing to the economy of Kenya and their new home.

Migration is typically driven by a search for better opportunities.

In Kenya, this idea is prevalent seeing as a number of its citizens have left the country in search of greener pastures.

According to the country’s Minister of Affairs, an estimated 3-4 million Kenyans are living and working overseas. The United Nations estimates reveal even more outrageous numbers, as it shows that there are over 281 million people classified as international migrants.

Fortunately, this migration typically has positive effects, as migrants are more likely to contribute to the growth of the economy they run to. Also, migration usually fosters the integration of cultures and more tolerance amongst different people, not to mention all the knowledge that is exchanged and refined.

For Kenyans, this positive influence can be felt where there is a Kenyan diaspora and back home. These hard-working East Africans play major economic roles wherever they set up a community and still manage to service the growth of their nation’s economy via diaspora remittance.

Now more than ever, Kenyan diaspora remittance is critical seeing as the country is faced with inflation that has driven the cost of living up.

Diaspora remittance is the number of money locals who have travelled abroad sends back to family, friends, and other related parties.

Migration, as a result, serves as an economic driver in countries that struggle with an above-average standard of living.

According to the Central Bank of Kenya, remittance being sent to Kenya currently stands as one of the country’s main sources of foreign exchange, rivalling export earnings from key economic sectors such as tourism, tea, and horticulture.

Also, diaspora remittance aids families in procuring basic amenities, such as light bills, food supplies, school fees, etc, as a majority of this money is typically sent to family members.

Be that as it may, diaspora remittance in Kenya contributes largely to the stability of the Kenyan economy. Data from the CBK shows that remittance inflows for the first 9 months of 2022 increased from $2.71 billion in the first nine months of 2021 to $3.053 billion, a whopping 12.7% increase.

This figure highlights just how much hardworking Kenyans in the diaspora still show patriotism by financing the most fundamental institution back home, the social institution of the family.