The African Union declares the African Diaspora as “the Sixth African Region”, and defines it as follows: “The African Diaspora consists of peoples of African origin living outside the continent, irrespective of their citizenship and nationality and who are willing to contribute to the development of the continent and the building of the African Union.”
In 2017, according to the World Bank, the African Diaspora remitted close to $69B into and intra Africa. Despite this, there are still significant challenges faced by the African diaspora, including paying the highest costs in the world to remit funds, usually well above the 10% mark.
The question then arises of how we enable the African Diaspora to genuinely contribute to Africa and how we can make Remittances an asset to the continent. This presentation seeks to address what the landscape looks like from a banking perspective and how financial institutions can play a significant role in supporting the African Diaspora.