Garissa recorded a sharp increase in foreign exchange businesses in 2025, with the number of licensed forex bureau outlets rising by 300 per cent as demand for foreign currency services grew across Kenya.
According to the Central Bank of Kenya (CBK), Garissa had four forex bureau outlets in 2025, up from just one in 2024. The increase lifted the town’s share of Kenya’s forex bureau market from 0.6 per cent to 2.1 per cent.
The growth comes as demand for foreign exchange continues to be driven by traders, travellers and individuals seeking currencies such as the US dollar. CBK attributed the broader increase in forex bureau outlets, particularly in Nairobi, to rising demand for foreign exchange services.
While Garissa recorded the largest percentage increase, Nairobi remained by far the country’s biggest forex market. The capital added 14 outlets during 2025, taking its total to 157 from 143, a 9.7 per cent increase. Nairobi’s share of the national forex bureau market stood at 83.5 per cent.
Mombasa recorded the second-largest increase in percentage terms after Garissa. The coastal city added five outlets, taking its total to 15, a 50 per cent increase. Its share of the national market rose from 6.1 per cent to 8 per cent.
The expansion in forex services comes against the backdrop of Kenya’s growing cross-border trade, international travel and demand for foreign currencies. For businesses involved in imports, exports and regional trade, access to foreign exchange services can be an important part of day-to-day operations.
Forex bureaus are licensed and regulated by the Central Bank of Kenya and are authorised to conduct spot foreign currency exchange. The regulator says greater competition among forex bureaus can help narrow spreads and support fairer foreign exchange rates.
The increase in outlets also reflects differences in local economic activity. While Nairobi remains the dominant centre for foreign exchange transactions, the expansion in Garissa points to growing demand for formal currency-exchange services outside the country’s main commercial hub.
For customers and businesses, a larger network of licensed forex bureaus could provide greater convenience and more choice when buying or selling foreign currency. At the same time, customers are encouraged to use licensed operators, which are subject to CBK’s regulatory requirements.
The development highlights the changing shape of Kenya’s foreign exchange market, with demand for currency services expanding beyond traditional financial centres as trade, travel and cross-border economic activity continue to support the need for foreign currency.
About the Author
