Do you do business with the wealthiest African nation? (Part 2)

Do you do business with the wealthiest African nation? (Part 2)

__How to develop a product for @DiasporaNation.

As I wrote last week, there are an estimated 50m+ Africans working and living outside their home countries today. We generally refer to this collection of communities as the “Diaspora,” so I coined the phrase “@DiasporaNation”.

According to official statistics, these guys send home about $65bn per year. If this is 10% of their income, then their total income is about $650bn. It’s a lot of money; in sum, it’s more than the total income of all the 200m people living in Nigeria, at about $550bn! About 25m Nigerians are part of @DiasporaNation, and they send home about $30bn, almost 40% of oil revenues!

In some countries like Zimbabwe, Eritrea, Lesotho, and Malawi, @DiasporaNation is the main source of foreign exchange. In many other economies, it is the biggest single source of foreign exchange well ahead of industries like gold, platinum, tobacco and tourism!

@DiasporaNation is made up of Africans working in virtually every field, including domestic help, cleaners, restaurant staff, Uber drivers as well as accountants, scientists, engineers, doctors, lawyers, professors, designers, you name it – together they are the lifeblood of Africa’s economy!

As entrepreneurs working either at home or in the @DiasporaNation, make sure the product development and marketing strategy of the business you are already in includes @DiasporaNation.

You don’t have to think of another business; do it with the business that you are already in. Ask yourself: How can I align my business to sell products and services to @DiasporaNation? If you know your own business well, I’m confident you will find a way!

Which reminds me, last week I did a little quiz for Sasai App users only. I asked you to name at least two services on the App which were designed with the @DiasporaNation in mind.

__The best answer would have been: “The whole App was designed for the @DiasporaNation!”

Lol! Look at it!

Take for instance our amazing @Country Explore service… If you are in Houston, Texas, you can log in to see or listen to LIVE digital radio and TV stations in almost any African country! And other parts of the world, too. Sasai’s news and media service alone is truly amazing!

If your parents don’t read the English or French, you can also get them to download the local language version and communicate with them to send them money.

Remittances are now possible to 35 African countries at a cost of only 2.5%, instead of 10%, which means @DiasporaNation will save over $4bn in fees (HOPEFULLY THEY WILL SEND IT HOME… hint, hint!)

Anyway, I promised to choose a quiz winner for last week’s quiz, and my winner is Stephen Iorsoo of Abuja, Nigeria, who wrote:

__“The language translation and the money remittance are designed with the @diaspora in mind”…

Congratulations! My staff will reach out to you and arrange for us to have a Sasai Video Call in the next several weeks. It will be a five-person call. We can discuss your business or idea for 30 minutes!

Well done.

“There are a thousand ways to kneel and kiss the ground; there are a thousand ways to go home again”. Rumi

To be continued. . .

Image credit: www.Afrikrea.com #Afrikrea #MadeOfAfrica online

Author:Strive Masiyiwa

Strive Masiyiwa is the founder and Executive Chairman of the Econet Group. He serves on several international boards including Unilever, and the Global Advisory boards of the Council on Foreign Relations and Stanford University. A board member of the Rockefeller Foundation for 15 years, he also serves as Chairman of the Alliance for a Green Revolution in Africa (AGRA). He is a co-founder of the Carbon War Room, Pathways for Prosperity, and the Global Business Coalition on Education. He and his wife, Tsitsi, co-founded the Higherlife Foundation and are signators of the Giving Pledge.

8 Replies to “Do you do business with the wealthiest African nation? (Part 2)”

  1. #ShoutOut to BriterBridges

    I want all of you who are serious entrepreneurs to check out the maps and analysis that “BriterBridges” is producing monthly for key emerging market stakeholders around the world…

    #InnovationMaps, #EcosystemMaps, #TechcitiesMaps! Wow! What do YOU see? This young data-driven research company is doing some amazing work. https://briterbridges.com/maps

  2. Afterthought 2.

    “The diaspora’s incredible potential has been recognized by the African governments, decision makers, and organizations. They understand that beyond being a source of investment income, the diaspora is a legitimate stakeholder in the continent’s future. In reaction to this, the African Union has declared the diaspora as the Sixth Region of the African Union.”

    http://www.africancube.com/the-power-of-the-african-diaspora/

  3. David Ogbogbo writes,

    I think fintechs gets the most of those money here .To bring innovation as a startup in this part of Africa is hard due to government policy and approvals and also trust for such startups.

    My reply,
    For you to emerge as a successful entrepreneur, you must be able to overcome what you see as the obstacles. We all know it is “hard”—If it was easy we would all be millionaires and billionaires. Question is:
    “Are you going to be one of those who will succeed despite these obstacles, or are you one to tell others the challenges?”
    It’s up to you!
    #It’s tough out there, but no one owes us a living!

  4. #Vaya Cross Border service:

    To give you an example of how I always include @DiasporaNation in our strategy, we have a service called #Vaya Cross Border:

    The Vaya Zimbabwe team have a service to enable Zimbabweans living in SA, Botswana, and Zambia to travel home or deliver goods on trucks.

    It is part of our DNA to develop a products for the @DiasporaNation.

    As soon as we have a #Product Innovation, I ask them to show me how they intend to reach out to @DiasporaNation.
    This is because @DiasporaNation has more disposable incomes than @HomeNation!
    Lol!
    Wake up and smell the coffee; money is staring you in the face!

    Stop crying because no one listens to crying adults!

  5. #This week’s challenge!

    By the end of this week, I expect you to have come up with a strategy on how your existing business can extend its market to @DiasporaNation.
    I cannot think of a single business, in which I could not come up with a strategy to extend services and products to @DiasporaNation!

    ps. Fix your website!

  6. #$hout Out!

    Andrew Sibanda writes,

    This is really mind blowing. I never thought the diaspora was this critical to African growth and development

    My reply,
    Let me tell you a secret:

    @AfricanDiasporaNation is the biggest investor into African entrepreneurship RIGHT NOW!

    Most #StartUps, and small businesses are funded by relatives and friends in @DiasporaNation, than by banks, and Venture Capital investors. It is just that no one is keeping a proper teach of this,

    More new houses are financed and built by @AfricanDiasporaNation than by banks in Africa.

    More small loans are provided every day by @DiasporaNation—relatives and friends, than by banks in Africa!

    @DiasporaNation is the lifeblood of Africa’s economy. They provide more income to Africa than minerals in most economies.

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