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- 90% of African diasporas in Europe plan to increase the amount they invest in businesses on the African continent
- Digitalisation is driving increased investment, research shows
New global research* by mobile network operator World Mobile suggests that the increasing digitalisation of Africa is inspiring the continent’s diaspora living in Europe to increase investment in their country of origin.
The African diaspora, made up of individuals and communities of African descent living outside the continent, has long been a source of financial support for African countries. In recent years, the shift towards digitalisation has made it easier for diaspora investors to connect with and invest in African businesses and projects.
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“We have the local internet network here, but this internet doesn’t work when you want to post something, or it takes a long time and your customers do not get to see the products you want to send them” shares Suhailah Abdallah Juma – a hopeful small business owner attempting to start an online fashion business from her home in Zanzibar.
World Mobile is one of the major innovators revolutionising internet connectivity and is already working with the government in Zanzibar to deliver affordable and efficient mobile connectivity to the region. The company is currently in the testing phase in Kenya and is in advanced talks with several other African governments and local authorities with the goal of rapidly expanding its network across the continent.
Investing in digital infrastructure and services is becoming increasingly important as the number of people with internet access and doing business online continues to rise. The study also shared that 82% of participants voiced that increased digitalisation and improving internet connectivity across the continent means there are more investment opportunities, which is motivating them to devote more money to supporting businesses.
Micky Watkins, CEO of World Mobile said, “In addition to radically altering the economic outlook, high-potential investment opportunities are made possible by increased internet connectivity and digitalisation.” Watkins added, “Providing faster, more reliable, and affordable internet connectivity, especially in regions where connectivity remains a problem, will be a game-changer for economic growth and development.”
Using aerostats and a variety of technologies like mesh networking, hybrid spectrum, renewable energy, and blockchain, World Mobile has developed a novel, hybrid, dynamic network that provides affordable internet connectivity.
As the global economy becomes more interconnected, the African diaspora is likely to continue to play an important role in supporting businesses and promoting economic growth in Africa.
* Independent research company PureProfile interviewed 100 African diasporas living in the UK, Germany, Spain, Australia, Canada, France, Italy, and the Netherlands during September 2022
