The African diaspora has emerged as a powerful yet underrecognized financial force, sending nearly $100 billion annually to the continent—surpassing both foreign direct investment and official development assistance combined. This steady flow, equivalent to a modern-day “Marshall Plan,” plays a critical role in supporting households and stabilizing economies across Africa. However, most remittances are directed toward basic needs rather than long-term investment, limiting their transformative potential. Despite being highly educated and economically integrated, the diaspora remains largely excluded from structured development strategies. Unlocking this untapped capital through better coordination, policy frameworks, and investment channels could turn diaspora remittances into a major engine for sustainable economic growth in Africa.
Category: African News
African Business News
Mobile Banking Emerges as Africa’s “Front Door” to Finance as Banks Embrace Intelligent Ecosystems
Mobile banking in Africa has become the primary gateway to financial services, with banks shifting from simple transaction apps to intelligent, inclusive ecosystems. The latest Backbase report highlights how AI-powered banking, multi-currency support, and proactive financial tools are transforming the continent’s digital finance landscape, while connectivity, security, and infrastructure gaps remain key challenges.
Volvo EX30 Cross Country Becomes the First Fully Electric Vehicle to Conquer Sani Pass
The all-electric Volvo EX30 Cross Country becomes the first fully electric vehicle to conquer South Africa’s Sani Pass, powered by the country’s highest solar-powered charger installed by CHARGE at Premier Resort Sani Pass.
Malengo Secures $12.9 Million from The Shapiro Foundation to Expand International Education Pathways & Financial Security
Malengo, a non-profit organization empowering young people in East Africa through international education, has secured $12.9 million in impact funding from The Shapiro Foundation to expand vocational training and university programs for low-income students and refugees in Kenya, Uganda, and Rwanda. Founded by Cornell University Professor Johannes Haushofer, Malengo enables educational migration to Germany, helping students move from living on $1.40 a day to earning over $40,000 annually. The investment will scale Malengo’s income share agreement (ISA) model, creating sustainable education and financial pathways that reduce poverty and boost community development.
MANGROVES: NATURE’S BIODIVERSITY CHAMPIONS UNDER THREAT
Mangroves are vital coastal ecosystems that provide essential services to marine biodiversity, support local livelihoods, and enhance environmental resilience. However, these ecosystems are facing significant threats from coastal development, deforestation, and climate change. This article highlights the ecological importance of mangroves, their role in supporting biodiversity and coastal communities, and the urgent need for restoration. The Kenyan Mangrove Restoration Project, a collaborative initiative led by Husqvarna in partnership with environmental organizations, is featured as a successful model for ecosystem restoration. By planting over 500,000 mangrove trees and utilizing advanced monitoring technology, the project demonstrates how strategic collaboration can foster sustainable environmental solutions. World Environmental Health Day serves as a reminder of the critical connection between human health and ecosystem restoration, underscoring the importance of protecting mangroves globally.
The importance of making room for humans and AI in recruitment OR Successful hiring strategies must combine human judgment with AI insights
Artificial intelligence (AI) is transforming recruitment, offering speed, efficiency, and cost savings. Yet, while AI tools can optimise candidate assessments and streamline interviews, they still lack the empathy, intuition, and contextual understanding that human recruiters provide. Drawing on real-world examples, including the risks of algorithmic bias and misinterpretation of candidate behaviour, this article argues that AI should not replace human judgment in hiring but rather complement it. By combining AI-driven insights with human oversight, companies can enhance candidate experiences, reduce bias, and ultimately secure the best talent.
Verto Unveils The Atlas Suite: API-First Embedded Finance Solutions to Transform Global Payments for Fintechs, Marketplaces, Platforms, and White Label Brokers
Verto unveils The Atlas Suite, API-first embedded finance solutions simplifying cross-border payments, FX, and banking for fintechs, platforms & brokers.
Opportunity International Agriculture Finance Programming Celebrates $500 Million Invested in Smallholder Agriculture in Sub Saharan Africa
Opportunity International has reached a major milestone with $500 million invested in smallholder agriculture across Sub-Saharan Africa. Through partnerships with 26 financial service providers in 12 countries, the Agriculture Finance program has empowered over one million smallholder farming households with access to affordable finance, digital tools, regenerative agriculture practices, and localized support networks. These efforts are transforming rural communities, increasing food security, and reducing poverty through sustainable farming and inclusive economic growth.
Atlas Network Announces Three Finalists for the 2025 Africa Liberty Award
The 2025 Africa Liberty Award finalists have been announced by Atlas Network, honoring exceptional policy achievements that advance economic freedom and individual rights across Africa. The three finalists are the Africa Centre for Entrepreneurship and Youth Empowerment (ACEYE) from Ghana, Liberty Sparks from Tanzania, and the South African Institute of Race Relations (IRR). Each organization has made significant contributions toward economic reform, entrepreneurial freedom, land rights for women, and promoting free-market solutions. The winner will be revealed at the Africa Liberty Forum in Nairobi, Kenya, and the award is part of the Templeton Freedom Award program, which recognizes impactful work in advancing liberty and economic prosperity worldwide.
Verto Introduces Auto Exchange: A Seamless Way for Businesses to Secure Optimal FX Rates
Verto, a leading global payment solutions provider, has launched Auto Exchange, a new feature designed to help businesses secure optimal foreign exchange (FX) rates automatically. This tool allows users to set target exchange rates and trade amounts within the Verto platform, enabling seamless execution without constant monitoring. By automating this process, businesses can save time and ensure they never miss out on favorable FX rates. Auto Exchange empowers customers to focus on growing their businesses while Verto manages the FX execution for them.