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The lender's recent engagement in the United States comes as Central Bank data confirms Kenyans abroad are the nation's largest source of foreign exchange, fundamentally shaping the domestic economy.

Equity Bank has concluded a major engagement tour across the United States, intensifying its strategy to capture a larger share of the lucrative diaspora market, as official figures show remittances from Kenyans abroad have become the single most important source of foreign exchange for the nation. The move underscores a broader trend among Kenyan financial institutions competing for the billions of dollars sent home annually.
The timing of the tour is critical. According to a statement by Foreign and Diaspora Affairs Cabinet Secretary Musalia Mudavadi on Wednesday, November 12, 2025, cumulative diaspora remittances surpassed a historic KSh 1 trillion as of November 2025. This inflow provides crucial support to the Kenyan shilling, bolsters the country's balance of payments, and finances household needs from education to healthcare.
Data from the Central Bank of Kenya (CBK) provides further context to this economic powerhouse. For the 12 months leading up to May 2025, total remittances reached approximately USD 5.01 billion. Inflows for the first five months of 2025 alone hit a record USD 2.10 billion, a 14% increase from the USD 1.84 billion recorded during the same period in 2024. The United States remains the dominant source, accounting for 56% of all remittances in April 2025 and 57% in May 2025, highlighting its strategic importance for banks like Equity.
While the original announcement from Equity Bank focused on appreciation for the diaspora community, the underlying strategy is to deepen its financial relationship with this powerful economic bloc. Equity is offering a suite of products tailored for Kenyans living abroad, moving beyond simple money transfers to facilitate long-term investment. These services include:
This focus on investment aligns with a growing trend. While a significant portion of remittances covers daily household needs, there is an increasing appetite for investment opportunities among Kenyans abroad. To support this, Equity operates a dedicated 24-hour diaspora support center to assist clients across different time zones.
Equity Bank is not alone in recognizing the diaspora's potential. Other major Kenyan lenders, including KCB Bank, Stanbic, and National Bank of Kenya, have established robust diaspora banking units offering similar products like mortgage financing, investment advice, and specialized accounts. This competition is driving innovation and potentially lowering transaction costs, which benefits the diaspora.
The government has also acknowledged the critical role of these inflows. The CBK, in collaboration with the Kenya National Bureau of Statistics (KNBS), launched the first-ever Remittances Household Survey in 2025 to better understand how the funds are used and to formulate policies that support remittance flows. These funds are now estimated to contribute between 3% and 4% of Kenya's GDP, surpassing traditional export earners like tea and tourism in foreign exchange terms.
As Kenyan banks expand their outreach, their success will depend on providing secure, accessible, and innovative financial solutions that transform remittances from sources of household support into powerful drivers of national economic development.
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