DIASPORA DRIVEN DEVELOPMENT
Every year, diaspora communities collectively remit billions of dollars to their countries of origin to pay for basic needs, such as medical costs, housing and education.
According to the World Bank, remittances to Sub-Saharan Africa grew to $37.8 billion in 2017 and are forecast to hit around $39.2 billion this year and $39.6 billion in 2019. Despite these considerable financial flows, youth unemployment averages over 50% across Africa.
As a result, the continent is experiencing a “brain drain”, whereby increasing numbers of young men and women are looking for educational and employment opportunities abroad.
Many are risking their lives to leave their countries of origin in search of better economic opportunities in Europe, perhaps ending up as slaves in North Africa and the Middle East or even more tragically, drowned in the Mediterranean Sea.
RemitFund gives the African diaspora an exciting opportunity to change this narrative by becoming protagonists and investors in the continent’s advancement, creating greater independence from foreign aid and empowering more indigenous, culturally-informed solutions.