The response to my recent LinkedIn post, Rethinking Remittances: Can the African Diaspora Drive Sustainable Development? has been nothing short of phenomenal. With over 70,000 impressions, more than 1,000 likes, 200+ comments, and 180+ reposts, it is evident that this conversation has struck a chord with many across the diaspora and allies.
In 2023, the African Diaspora sent $90.2 billion (World Bank – KNOMAD, 2023) and this past year, remittances exceeded $100 billion according to the Global Forum on Remittances, Investment and Development. This amount far surpasses the $12.1 billion in foreign assistance from the U.S. Agency for International Development (USAID) and the $59.7 billion from the Office of Development Assistance (ODA) to the continent. This reality has sparked a critical discussion on how we, as a global African community, can scale our remittances into sustainable investments that foster economic growth, infrastructure development, and long-term financial independence for Africa.
Historically, aid has shaped the economic landscape of Africa, yet the growing remittances flows provides an unprecedented opportunity-and responsibility – to rethink our approach. Remittances play an essential role in supporting our families and communities back home and we are not suggesting that this should not stop. This is just one aspect of the potential impact we can have. The African diaspora must go beyond remittances and explore strategies to transform our financial contributions into avenues for sustainable development and economic resilience.
Key Insights from the LinkedIn Community
The feedback on this post has been insightful, offering diverse perspectives and solutions. Here are some of the key takeaways:
- Building Trust in Governance – A major barrier to diaspora-led investment is the lack of trust in African governments due to corruption, bureaucracy, and mismanagement. Transparency, accountability, and regulatory frameworks that protect diaspora investors are essential for shifting from remittances to long-term economic investments.
- Innovative Financial Instruments – Remittances can be leveraged at scale through Diversified Payment Rights (DPRs) to raise AAA-rated bonds for infrastructure and economic development. With proper mechanisms, African banks could potentially raise $1 trillion in long-term capital.
- Strategic Partnerships – Many diaspora-led pilot projects have demonstrated successful remittance-to-investment models. However, scaling these initiatives requires alignment with government stakeholders—not as implementers, but as facilitators.
- Fintech as a Catalyst – By partnering with fintech companies that facilitate remittances, we can integrate features prompting diaspora members to contribute small amounts to an Africa Development Fund. Over time, this could accumulate significant capital for transformative projects.
- Collaborative Action – There is a growing call for deeper collaboration among diaspora networks, thought leaders, and financial institutions to co-create sustainable solutions. Several of you have already expressed interest in convening further discussions.
What’s Next? The Call to Action
The time to act is now. While remittances have long been a lifeline for families across Africa, they must evolve into a more structured force for sustainable development. This requires us to collaborate, co-create, and co-imagine possibilities.
To take this conversation further, I invite you to join us at the 2025 African Diaspora Investment Symposium (ADIS25) in Washington, D.C., from May 28-30, 2025. Since its inception in 2010, the African Diaspora Network (ADN) has been betting on the power of the diaspora, developing programs that support grassroots entrepreneurs in both Africa and the United States.
We need you to make this vision a reality. Your engagement is key to unlocking transformational investments and fostering long-term economic growth.
At ADIS25, we will bring together experts, investors, entrepreneurs, and policymakers to explore actionable strategies for transforming remittances into sustainable development tools. We will provide a platform to connect, share insights, and activate real solutions for Africa and the diaspora.
Why This Moment Matters
USAID and other international aid organizations have played a critical role in Africa’s development, particularly in healthcare, education, and emergency support. However, the reduction of foreign aid signals a pivotal shift: we must take ownership of Africa’s future. The power to drive economic transformation already exists within our global African community. Now, it is up to us to HEED the moment.
Join the Movement: The African Diaspora Network Needs You!
- Attend the Ten-Year Anniversary of ADIS25 – Let’s convene and craft a roadmap for diaspora-led investment.
- Engage in Collaborative Discussions – Reach out to adis@africandiasporanetwork.org with a subject line: Join the Movement, if you’re interested in strategic partnerships and to learn about our pilot initiatives.
- Amplify This Conversation – Share your thoughts and insights on how we can collectively scale remittances into impactful investments, through social media, speaking engagements, and with your network.
- Tag African Diaspora Network and use the hashtag #BeyondRemittances
- Stay Connected – If you have not already done so, we encourage you to register for ADN’s newsletter where we regularly update our community on these topics and share relevant resources and opportunities to get involved.
Again, thank you for your insights and I look forward to continuing the conversation and action in the months and years ahead.
