The United Kingdom and the United States have emerged as the top destinations for physical cash flown out of Kenya, according to a new report released by the Central Bank of Kenya (CBK). The report, which focuses on the cross-border movement of hard currency through licensed air courier services, revealed that Kenyans still prefer sending actual cash to foreign countries instead of using digital transfer channels, despite the country’s reputation as a leader in mobile money innovation.
According to findings from the CBK’s 2025 survey on cross-border currency movement, the UK ranked as the highest recipient of physical cash sent from Kenya, although the report did not give the exact amounts involved. The United States followed closely as the second most common destination for cash exported via air couriers.
The CBK survey shows that despite rapid growth in digital financial services, including mobile banking and fintech platforms, many individuals and businesses in Kenya continue to depend on hard cash for international dealings. The use of licensed air courier services to physically carry money abroad remains active, pointing to a continued reliance on traditional cash movement.
Analysts believe that the popularity of sending physical cash may be tied to the long-standing economic and personal ties Kenya shares with countries like the UK and the US. These include business relationships, education-related payments, and financial support to families in the diaspora. For many senders, sending cash physically feels more direct, and in some cases, faster than using banking systems.
The CBK expressed concern over the regulatory and security risks posed by the frequent movement of large volumes of hard currency through airports and across borders. Officials said the survey was part of efforts to enhance supervision of cross-border financial activity, and could lead to stronger reporting requirements for cash couriers. There is growing awareness that moving physical cash poses a risk for money laundering and other financial crimes, especially when monitoring systems are weak or bypassed.
The Central Bank is expected to review current policies and possibly introduce stricter regulations governing the declaration of cash, limits on currency movement, and scrutiny of licensed couriers. This may include new compliance rules that require full documentation and explanation for all outbound cash transfers exceeding a certain threshold.
While the report did not name the licensed couriers involved in the movement of the cash, CBK officials are confident that more transparency and control can be achieved through tighter oversight and cooperation with customs and security agencies at airports.
Kenya has over the years gained international recognition for its strong mobile money ecosystem, with platforms like M-Pesa being used by millions of people for daily transactions. However, the report shows that for cross-border transfers, especially to countries with strong personal and trade ties, cash is still king.
Financial experts say the continued use of hard currency is also driven by gaps in trust between users and financial institutions. Some users complain about high fees, delays, and exchange rate fluctuations when using formal banking channels. Others simply lack the awareness or documentation needed to use regulated cross-border systems.
The CBK has said it will work with stakeholders in the financial sector to encourage a shift to digital transfers, which are more secure, faster, and easier to monitor. There are also plans to carry out public education campaigns to inform citizens about the legal limits on cash movement and the benefits of switching to digital platforms.
The apex bank is also exploring new partnerships with fintech companies and international money transfer operators to offer better options for Kenyans who want to send money abroad. This includes improving access to SWIFT services and other digital transfer channels that can be integrated with local banks and mobile wallets.
As Kenya continues to expand its role as a financial hub in East Africa, the need for tighter regulation and increased transparency in cross-border currency movement is becoming more urgent. The CBK’s latest survey provides insight into the scale of the issue and sets the stage for reforms that will protect both the country’s economy and its financial reputation.
The central bank is now expected to develop a framework that not only supports the ease of doing international business but also safeguards against misuse of the system. With the UK and US topping the list of cash destinations, there are clear signs that diaspora ties remain strong and that financial services must adapt to meet the evolving needs of Kenyans both at home and abroad.
