FREE Diaspora of Africa Newsletter - 11/09 Edition

Welcome back to the third edition of the Diaspora of Africa newsletter.

My weekly posts will keep you in the know about all of the significant Diaspora dealings as and when I come across them. If I hear about it, it’ll be posted and gathered here, neatly onto one page.

Diaspora finance and remittances news:

Ethiopia streamlines banking processes and introduces new credit lines for Ethiopians at home and within the Diaspora

The National Bank of Ethiopia has partnered with 30 retail banks to launch Unite.et. This is an online platform built for “non-resident Ethiopians and persons of Ethiopian origin” to open both local and foreign currency bank accounts virtually, from wherever they are in the world.

As part of this initiative (named ‘Debo’), 100 billion birr or about $875 million has been fronted by participating banks for the Ethiopian Diaspora. The monies will be dispersed as credit in the form of mortgages, as well as vehicle and business loans.

In the inaugural edition of this newsletter, I wrote about Ethiopia’s renewed push to simplify banking and investing from overseas as part of a broader strategy to attain exchange rate stability in the face of currency reforms. Laying down the financial infrastructure for making swift payments and investments into the country from overseas creates a fresh starting point for a floating exchange rate mechanism. Providing considerable loan finance for the Diaspora fosters a buy-in into the nation’s financial system and broader economy.

Global African Diaspora encouraged to expand engagement in African philanthropy efforts

Co-founder of Grace Emergency Room, Dr Ayo Ajim recently delivered a presentation on philanthropy across the global African Diaspora. The talk was delivered in Houston, Texas, as part of the African Diaspora Philanthropy Dialogues - an initiative arranged by the Ford Foundation Office of West Africa’s (OWA) Sustainable Philanthropy Dialogue series.

Dr Ajim used the speech to highlight the tax benefits tied to the Diaspora giving back home to the Motherland. He also brought attention to the OWA’s pledge to match donor funding targeted towards Nigerian, Ghanaian and Senegalese civil society organizations by up to 50 percent, thanking them for it and encouraging the global African Diaspora to take advantage of such a philanthropic initiative.

US company Ria Money Transfer teams up with Ecobank Uganda Limited to ease flow of remittances into Uganda

Through this partnership, remittances sent from overseas into the country will be deposited directly into Ecobank customer accounts. This development will reduce the number of steps between sender and recipient, and possibly lower the costs associated with sending money abroad, including those pertaining to commission fees.

Nigerian Fintech provider Kredete raises $2.25 million seed funding

Kredete currently boasts 300,000 users and recently secured $2.25 million in seed funding from the likes of “Techstars, Tezos Found, Polymorphic Capital, Launch Africa, Neer Venture Partners, SDF, and DNA Fund.” along with Angel Investors like Wise and Western Union.

Kredete utilizes stablecoins (cryptocurrencies whose value is tied to that of fiat currencies like the USD or other asset classes) to offer low sending fees of “less than a dollar” The platform also works with a litany of financial institutions, and uses user data on remittance transfers, to help develop credit scores of African Diaspora in their new countries.

My previous edition of the Diaspora of Africa newsletter highlighted how nearly $400 billion worth of remittances was sent over a 20 year period to Nigeria alone. Continent-wide, it is a $100 billion market on an annual basis. Remittance transfer fees across Africa are among the highest in the world at over seven percent of the total sent, exemplifying the vast size and growth potential of this market for African fintech. Hence, it’s of no surprise to see firms like Kredete garnering millions of dollars in funding.

Nigeria’s $500 million bond oversubscribed by 100 percent

I recently reported on the first $500 million tranche of Nigeria’s plans to issue $2 billion in US-dollar denominated five year bonds that pay out annual returns of 9.75 percent interest. I noted how bonds with such competitive rates would likely attract a fair share of interested investors for the country. This appears to have happened with the Nigerian Tribune reporting that the initial bond issuance drew in about $1 billion in purchases versus the allocated $500 million.

As previously noted, access to these bond issuances are restricted to resident Nigerians and those of its global Diaspora, along with foreign investors based in Nigeria. While certain institutional investors and pension funds are eligible for purchases, it seems as if the bonds were issued with a view to attracting investors who have some kind of ‘skin in the game’, and are therefore less likely to bail and sell at the first signs of distress in the country’s economy, as is more often the case with foreign institutional investors and traders.

Ghanaian business expert shares his thoughts remittances and Ghanaian economic development

Ghanaian business lecturer Dr. Andrews Ayiku recently penned an insightful piece titled Using remittances to boost economic growth in Ghana for Ghana’s Graphic Business. Well worth a read!

Travel and immigration news:

Virgin Atlantic marks Ghana returns and relaunches daily flights between Accra and London Heathrow

Daily direct flights between Accra Kotoka International Airport and Heathrow are expected to resume from May 2025 after a 12 year absence. 30 tonnes of cargo capacity will also be made available on each flight, helping to serve lucrative fresh produce markets in the UK and the US.

Daily Flight details as planned from May 2025:
LHR – ACC VS403 – 22:30 / 05:00* ACC – LHR VS404 – 09:15 / 17:25

Nigerian government assures ‘seamless’ visa process for would-be visitors to the 2024 Ipada Carnival in Lagos

The new carnival event will be “a rich blend of music, art, food, and performances that celebrate African heritage. The festival is expected to highlight traditional and contemporary African culture” It is a week-long celebration that’ll last from 29th November - 8th December 2024. It has been launched with intentions to attract the African Diaspora in particular, with the nation’s Ministry of Tourism planning to remove prohibitive visa restrictions in an effort to lead Nigeria’s tourism industry to a post-COVID recovery.

President Ruto visits Germany this week in order to finalize 250,000 Kenyan migrant workers labour agreement

President Ruto will visit Germany this week to close-up on a deal that has been in the making since at least March of this year. In a country where the median age is 45 and population growth is either stagnant or declining in most years, Germany is in desperate need of young, skilled workers. Hence, why it is looking to Kenya, among a list of other countries, to fill local labour shortages. As a nation with a relatively well-educated youth that also boasts a large number of advanced English speakers, Kenya fits the bill in a number of different areas.

This agreement builds on recent news regarding Kenyan economic migration into Saudi Arabia. With that said, the size of the Germany’s Kenyan Diaspora is estimated to be a mere 10,000, in light of the results of recent state elections across Germany, such an increase will not be without controversy. Furthermore, with a working population measured at approximately half of Kenya’s total population of 56 million, can the East African nation really afford to export so many (almost one percent) of its most skilled and productive workers overseas?

Given that Germany’s working population is considerably larger and more productive than that of Kenya’s, one can’t help but wonder about who needs these additional 240,000 Kenyan skilled and semi-skilled workers more. As migrant worker demands increase throughout the industrialized world over the next few decades, African nations will have to strike a delicate balance between exporting surplus workers and setting themselves up for brain drain, something I touched on in a recent piece titled Why Mass Migration is Not the Solution to Ailing Growth in Africa, Europe or Anywhere Else.

Nigerian Diaspora Voting Right Bill to be given hearing in the National Assembly later on in September

Last week we touched on how the Nigerian Diaspora Voting Council is lobbying for the passage of the aforementioned bill, which would permit up to 17 million Nigerians abroad the right to vote in the country’s election. Now it appears as if the bill will receive a hearing before the National Assembly in the third week of September. The House of Representatives Committee on Foreign Affairs has thrown their support behind the bill, which aims to give the Nigerian Diaspora the vote by amending the Electoral Act, 2022.

New African Diaspora appointments and initiatives:

Afrieximbank & Africa Center to launch Afreximbank Africa Diaspora Center in NYC later on in September

“The Africa Center and African Export-Import Bank (Afreximbank) have announced the upcoming launch of the Afreximbank Africa Diaspora Center (AADC), a groundbreaking initiative that will help bridge the gap between Africans on the continent and the African Diaspora, and the African continent.”

Kenyan Diaspora in UK Launches Alliance to Boost Community and Business Ties

“On September 3, 2024, hundreds of Kenyan expatriates convened virtually to propose the creation of a comprehensive directory aimed at unifying Kenyan communities and businesses across the UK.”

First Lady of Kenya calls on Kenyan Diaspora to do all they can to support “nation-building efforts”

“First Lady Rachel Ruto has called on Kenyans living abroad to leverage their expertise, experience, and networks to support Kenya’s development. During her visit to China, Rachel met with Kenyan women professionals residing and working in Beijing and described Kenyans abroad as goodwill ambassadors who act as vital links between the country and the rest of the world.”

Thousands of Kenyans leaving the country for diaspora jobs unaccounted for - NEA

“Thousands of Kenyans are leaving the country to foreign nations cannot be unaccounted for due to confusion in government. This is according to the National Employment Authority (NEA), which says there is no coordination among government agencies on who is registering those seeking employment services outside the country.”

Mnangagwa meets with Zimbabwean Diaspora in China

“Members of the Diaspora commended President Mnangagwa for the achievements of the Second Republic, highlighting progress made in various sectors, including infrastructure, education, and healthcare. They also took the opportunity to voice the challenges they face while living abroad, ranging from legal issues to economic hardships.”

Kenyan content creators invited for exclusive China trip slated for end of September

“In a bid to foster cultural exchange and creativity, the Chinese Embassy in Kenya has launched an initiative targeting Kenyan online content creators for a unique trip to China. The campaign promises an immersive experience in some of China's most dynamic and historically rich cities, including Beijing, Shanghai, and Chongqing.”

Nigerian Diaspora voices concern over execution of Tinubu economic reforms

“The Nigerian Professionals in Diaspora (NPID) have expressed growing concern over the worsening economic conditions in Nigeria, particularly in light of the recent surge in fuel prices and the mismanagement of critical economic policies. In a statement released by the group’s leadership, they commended President Bola Ahmed Tinubu for his commitment to steering the country toward prosperity but criticized his economic managers for failing to effectively support his vision.”

Deputy Administrator Isobel Coleman and U.S. Special Envoy for Sudan Tom Perriello speak with Sudanese Diaspora

“The Deputy Administrator and the Special Envoy reiterated to the Sudanese diaspora community that the United States will continue to support the Sudanese people as this war and man-made famine continues.”

Recent events:

Diaspora Africa Conference Ghana 2024, Academic City University College, Accra, Ghana: 30th August 2024 - 2nd September 2024

”The conference, themed "Building Resilient Connections: The Power of the African Diaspora," will assemble leaders in Business, Technology, and Real Estate.”

New England Ghana Festival 2024, Worcester, Massachusetts, USA: 7th September 2024

”NEGFEST 2024 is organized by the Ghana Heritage Foundation, in partnership with the Honorary Ghana Consulate in Massachusetts, the US-Ghana Embassy, Worcester State University, the Worcester Regional Chamber of Commerce, the Ministry of Tourism, Arts and Culture (MoTAC), and the Ghana Tourism Authority (GTA). The festival aims to highlight the rich cultural traditions of Ghana while fostering new opportunities for Ghanaians and Africans in the diaspora.”

Back to Your Origin Summer Fest, Addis Ababa, Ethiopia: 8th - 10th September 2024

”The 3-day event includes fashion show, sporting event, expo, and entertainment which will create an opportunity for participants to know their root better and will help them to promote the country’s rich history, tradition and cultural assets, among others.”

Ongoing and upcoming events:

When We See Us. A Century of Black Figuration in Painting, Kunstmuseum Basel, Basel, Switzerland: 25th May - 24th November 2024

“This multifaceted special exhibition at the Kunstmuseum Basel | Gegenwart introduces viewers to figurative painting by Black artists from Africa and the African Diaspora dating from the 1920s through to the present.”

Ethiopia at the Crossroads, Toledo Museum of Art, Toledo, Ohio, USA: 17th August - 10th November 2024

”The Toledo Museum of Art presents Ethiopia at the Crossroads, an extraordinary exhibition celebrating the artistic traditions of Ethiopia from their origins to the present day.”

Benin Dues. Dealing with Looted Royal Treasures, University of Zurich, Zurich, Switzerland: 24 August 2024 - 14 September 2025

“This exhibition, drawing on research from the Swiss Benin Initiative (BIS), has been developed with Nigerian experts from Benin City and diaspora groups in Zurich.”

Afro-Cuban Music Workshops, The Neal Rantoul Vault Theatre, Lynn, Massachusetts, Boston, USA: 7th September 2024 and 19th October 2024

”The Saturday Afro-Cuban music workshops with Maestro Sandy Pérez will be continuing in the fall. He will hold intermediate and beginner workshops on September 7th and October 19th, at our usual location in Lynn.”

Industrial Investment Summit, Abeere, Osun State, Nigeria :11th - 14th September 2024

”The Osun State Investment Summit 2024 is packaged to showcase bankable opportunities and strategic matchmaking platforms, convening stakeholders to Osun Industrial ecosystem to facilitate partnerships and investments in the State.”

Re-INCARNATION, London, England: 18th -19th September 2024

“Re-INCARNATION tells the cycle of life marked by the urban vibrancy of the Nigerian city of Lagos. An ode to Nigerian culture, this dance, music, fashion and visual art performance showcases the depth of ancient Yoruba philosophy mixed with Nigerian youth culture.”

Asase Yaa Cultural Arts Foundation's ART IS ALIVE festival, NYC, New York, USA: 21st September 2024

“Every year we present the richness of African and African Diasporic multi-disciplinary art forms including vibrant performances, engaging classes, and educational and insightful workshops,”

Germane Barnes: Columnar Disorder, Chicago, Illinois, USA: 21st September 2024 - 27th January 2025

”For his first solo museum exhibition, Barnes recasts the canonical foundations of Western architecture through the lens of the African diaspora. Critically reflecting on the enduring legacy of the Classical orders—the Doric, Ionic, and Corinthian—whose distinctive columns continue to proliferate in our built environment today, Barnes upends these long-standing and ubiquitous conventions by reimagining architectural orders that are instead rooted in the Black experience, history, and values.”

Official Afreximbank Africa Diaspora Center Launch Event, NYC, New York, USA: 23rd September 2024

”The 2024 Future Africa Forum will include a panel conversation, special remarks by invited guests, and a celebration of African fashion, complemented by live music and African gastronomy. Points of Resonance will be free and open to the public for two months, showcasing the dynamic interplay of African and Diaspora identities.”

The Africa-America Institute 40th Annual Awards Gala, NYC, New York, USA: 24th September 2024

“This year’s gala, themed “Bridging Cultures & Igniting Futures: An Evening Honoring African and Diasporan Visionaries in Arts and Culture,” will feature a Presidential Fireside Chat with His Excellency Nana Akufo-Addo, President of the Republic of Ghana, and His Excellency Joseph Boakai, the President of Liberia.”

2024 East Africa Diaspora Investment Symposium, Nairobi, Kenya: 27th September 2024

”This year, the Pan-African Council has partnered with Diamond Trust Bank (Kenya) for the 2024 East Africa Diaspora Investment Symposium, an interactive and dynamic action-oriented full-day event with the theme of “Empowering the African Diaspora to Accelerate Trade, Investment, and Economic Growth in East Africa”.”

Sounds of Africa, National Museum of African Art, Washington D.C, USA: September 28th, October 26th and November 16th 2024

“We are celebrating 60 years of African Art in theDistrict with the National Museum of African Art. The Smithsonian is sponsoring a series of free concerts to share the Sounds of Africa, a tribute to the music of the African Diaspora.”

UK-Zimbabwe Business Expo, Birmingham, England: 4th October 2024

"We anticipate drawing around 3 000 participants to the event, which will be held at the Bethnal Centre in Birmingham, a fitting venue that resonates with our vision, as it is also Zimbabwean-owned."

Creative Africa Nexus Weekend (CANEX WKND) 2024, Algiers, Algeria: 16th - 19th October 2024

“CANEX WKND 2024 represents a pivotal moment for creative and cultural industries in Global Africa to showcase their talent and thrive. By bringing together diverse talents from across the continent and diaspora, we’re not just showcasing creativity; we’re not just showcasing creativity; we’re building a robust ecosystem that will propel African culture onto the global stage.”

Ipada Carnival 2024, Lagos, Nigeria: 29th November - 8th December 2024

”The Ipada Carnival itself promises to be a major draw for tourists, offering a rich blend of music, art, food, and performances that celebrate African heritage. The festival is expected to highlight traditional and contemporary African culture, making it a must-attend event for anyone with an interest in the continent’s diverse traditions.”

The African Clothing & Cosmetics Roadshow, Atlanta, Georgia: 31st January - 2nd February 2025

”A series of 3-day activities (panel, conference, workshops, expo, sales, and trade event, B2B, B2C) across different U.S. Cities (New York, Philadelphia, Washington DC, Atlanta, Houston, Los Angeles, Las Vegas) to connect buyers and retailers interested in sourcing in Africa to the African fashion and cosmetics manufacturers. The objective is to strengthen U.S.-Africa trade and investments and promote African export products that are eligible under AGOA.”

Inspiring Stories:

NIDCOM heaps praise on UK-based member of Nigerian Diaspora for donating 200 wheelchairs to users in Lagos

”Edun, the founder of the NGO, A.C.E, stated that the philanthropic gesture was his own way of giving back to the society, as a Nigerian in the Diaspora. According to him, proceeds from his published books were used to wholly fund and procure the 200 wheelchairs, via the charity initiative.”

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