When President William Ruto held a meeting with Kenyans living in the US on May 20, 2024, during his State visit to Washington. [File, Standard]
Between September and March every year, Kenya enters one of its most consequential yet under-appreciated economic seasons. The return of the thousands of Kenyans living abroad.
While this is often framed as a social or cultural phenomenon, reality on the ground tells a bigger economic story. With the diaspora arrivals comes predictable spikes in hospitality and retail spending, real estate site visits, medical tourism and wellness uptake. This is the season when diaspora families make decisions about property purchases, long-term relocation, healthcare access, education planning, and even business investments. Yet, we rarely treat this period as a strategic economic cycle.
At a record high of Sh640.8 billion in 2024, an 18 per cent jump from 2023, diaspora remittances remain Kenya’s largest source of foreign exchange, outpacing tea, tourism, and horticulture, with the US as the leading source country among the UK, Saudi Arabia and Germany.
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Remittance numbers are however, only the beginning of the conversation. What is increasingly shaping our economy is diaspora capital on the ground, money invested in homes, apartments, commercial spaces, and mixed-use developments.
The diaspora arrive with clear timelines, budgets, and expectations. They tour developments, meet financial institutions, consult lawyers, and assess healthcare and education options. September to March is a structured investment window.
Decisions made in December and January often translate into deposits, purchases, and relocation plans by March. This is not speculative capital. It is patient, long-term investment, and we must treat it as such. Diaspora investment does not fail due to lack of interest, but lack of structure. Without coordination, even the most willing investor hesitates.
While diaspora investors may be deeply connected to Kenya emotionally, they are often disconnected institutionally. Many navigate lingering mistrust around land ownership and title security. Other challenges include fragmented processes across real estate, banking and legal services.
Limited coordination between national and county systems and a lack of credible, end-to-end relocation support also present gaps that weaken confidence leading to capital pauses or even flight. For Kenya to position itself as a diaspora-friendly destination, we must go beyond goodwill and focus on systems that work. Each diaspora investor who returns home brings capital, creates jobs, injects foreign currency, often shares skills, and strengthens Kenya’s global reputation. Imagine the impact if we all, government agencies, financial institutions, developers, and service providers, aligned intentionally around this window. The potential is enormous and still largely untapped.
With coordination, confidence grows, and investment follows. Relocation, however, is not simply about buying property. Services such as access to healthcare, education, diaspora-responsive mortgage solutions, lifestyle support services, and integration into stable, well-planned communities are increasingly essential.
These elements are now significant economic enablers, especially during the festive season when decision-making is at its peak. As business leaders and policymakers, we must recognise diaspora relocation as an important economic pillar. When supported effectively, the community’s impact multiplies across sectors. Supporting the diaspora is therefore not a favour, but strategic foresight. With so much already underway, the opportunity for Kenya now is to build on these gains and harness the full potential ahead.
– The writer is Group Chief Executive Officer of PDM, an affiliate of Aga Khan Development Network
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By Natasha Mutai