Once viewed as a “brain drain”, migrants are increasingly viewed as a resource for promoting economic development back in their home countries.
- Nicely put by Benjamin Graham in his book Investing in the Homeland
Let’s face it, we’ve all been there, moving to a foreign country in search of a better life, working twice as hard to build a successful career and support family back home even though the odds are against you. And then there is this lingering sense of duty to contribute to the development of the homeland but figuring out the best way to do so feels so daunting that we just keep postponing it.
The good news is that you are not alone. The appetite for sending money back home continues to be on the rise. In 2018 alone, the World Bank reported that remittances to sub-Saharan Africa grew by almost 10% to $46 billion, with over 25 million sub-Saharan expats sending money back home. For many African nations, money remittance represents a significant portion of the GDP. In Nigeria for example, money remittance alone made up 6.1% of the total GDP in 2018 and this trend is expected to continue, with projections hitting $34.89 billion in 2023.
One of the top reasons people sent money back home was to purchase properties as the property sector has experienced steady growth in Africa thanks to urbanisation and continuous infrastructure development in the region.
We believe that there is a huge opportunity for Africans in the diaspora to become catalysts for change in the development of the African continent by investing in our home countries. Today, to be able to make a difference, making investments individually typically requires having trusted contacts back home and having sufficient funds. This obviously places the barrier to entry quite high and further limits the amount of expats that are able to invest back home even though the willingness is there.
In this era of the internet where access to information is at our fingertips, it should also be pretty easy for everyone, anywhere, to effortlessly invest in their home country and be a part of the community of expats that are fast tracking the economic growth of Africa. It is on this premise that Fundayo was built to be the pioneer platform for contributing to social change in Africa by making investment opportunities accessible to all. With Fundayo, you will be able to invest as little as $500 in just a few clicks. We are focusing on making the process of investing as simple as buying a pair of shoes on Amazon. You choose where you want to invest your money and we take care of the rest.
Our Mission is to enable the African Diaspora to take part in the development of Africa by offering safe and profitable investment opportunities back home.
In a survey we carried out with Nigerian expats across the world, over 95% of respondents are interested and willing to invest in real estate opportunities in Nigeria. These are really positive numbers and it further strengthens our belief in communities being the backbone of any nation and that by bringing together the Global African Community, we can effectively accelerate the development of the African continent. So what are you waiting for? Jump on the bandwagon and leave your email address below to become a part of this community we are building.