African Diaspora Network Initiative to Go Beyond Remittances
United Nations 77th General Assembly (UNGA77) Side Event
September 22, 2022
New York City
“Innovative Approaches To Integrate The Diaspora In Accelerating Africa’s Economic Recovery Post Covid-19”
United Nations 78th General Assembly (UNGA78) Side Event
September 2023
New York City
Beyond Remittances:
U.S. High-level Working Group
December 13, 2022
Washington D.C.
Part of the U.S. Africa Leaders Summit 2022 Hosted by the African Diaspora Network and U.S. Department of State
Africa Futures Symposium
April 27-28, 2023
Hosted by the Lauder Institute University of Pennsylvania
Philadelphia, PA
Africa Futures Symposium
April 27-28, 2023
Hosted by the Lauder Institute University of Pennsylvania
Philadelphia, PA
Blueprints For Africa: Diaspora Engagement and Beyond Remittances
March 23, 2023
African Diaspora Investment Symposium (ADIS23)
Silicon Valley, CA
Beyond Remittances
April 13, 2023
Skoll World Forum Marmalade Festival 2023
Oxford, UK
Global Forum on Remittances, Investment and Development
June 14-16, 2023
Promoted by the United Nations
Nairobi, Kenya
African Diaspora Network intentionally engages diasporans and friends of Africa to move beyond remittances toward sustainable investment for the betterment of the African continent. In order to advance this cause, ADN informs, engages, and activates our global community through a series of Impact & Innovation Forums. Join us as we increase awareness, engagement, and action among Africans, African diasporans, and friends of Africa.
Global Diaspora Engagement
United Nations 77th General Assembly (UNGA77) Side Event
September 22, 2022
New York City
Innovative Approaches To Integrate The Diaspora In Accelerating Africa’s Economic Recovery Post Covid-19
Beyond Remittances: U.S. High-level Working Group
December 13, 2022
Washington D.C.
Part of the U.S. Africa Leaders Summit 2022 Hosted by the African Diaspora Network and U.S. Department of State
Blueprints For Africa: Diaspora Engagement and Beyond Remittances
March 23, 2023
Silicon Valley, CA
African Diaspora Investment Symposium (ADIS23)
Africa Futures Symposium
April 27-28, 2023
Philadelphia, PA
Hosted by the Lauder Institute University of Pennsylvania
Global Forum on Remittances, Investment and Development
June 14-16, 2023
Nairobi, Kenya
Promoted by the United Nations
Africans living outside of Africa have a significant impact on the continent through the personal remittances they send. In fact, these remittances are much larger than foreign direct investment and foreign aid. According to the International Fund for Agricultural Development (IFAD), migrant workers sent over $95 billion in remittances to and within Africa in 2021, benefiting more than 200 million family members, most of whom live in rural areas. Nigeria alone received $23.8 billion in remittances (Didia & Tahir, 2021), which is much higher than the $2.4 billion in foreign direct investment it received in the same year (UNCTDA, 2021). Moreover, remittances from the African diaspora increased by 6.2% in 2021, as the World Bank Group (2021) reported. These numbers demonstrate the committed support of Africans in the diaspora toward the economic growth of their home continent.
Although remittances play a significant role in the African economies, they face certain limitations. One of these challenges is that they require sustainable funding and are not easily scalable. Additionally, remittances can decrease the labor force and foster a culture of dependency, both of which hinder economic growth (Amuedo-Dorantes, 2014). Moreover, it is expensive to send money to Africa, with sub-Saharan Africa being the most costly region to send money to, recording an average total cost of 8.72 percent in the second quarter of 2021 (World Bank Group, 2021). However, there is an opportunity for African governments, multilateral organizations, financial institutions, and NGOs to collaborate and create an enabling ecosystem for financial innovation to reduce the cost of sending remittances.
