Diaspora remittances fuel Africa's growth in sustainable ways

KCB Foundation Chairman Catherine Kola KCB Group CEO Joshua Oigara Richard Malcolm, Western Union, Regional Vice President for South and East Africa Erastus M. Kiugu Chairman National Education Board in the ministry of Education, Science and Technology Western Union Foundation and Kenya Commercial Bank Foundation collaboration to provide full scholarship for secondary school students in Kenya. ...during the KCB foundation and western Union union Foundation partnership signing ceremony at the Stanley Hotel, Nairobi. [Courtesy]

Remittances may be measured through movement of money, but their real impact is measured in lives changed. Africa's diaspora, projected to make up over 25 per cent of the global population, is a formidable force rewriting the migration narrative.

While migration is often viewed through the lens of departure, the real story lies in the connection that binds people across borders. These connections fuel economies, empower communities, and transform lives. Where people go, remittances follow. In 2023 alone, USD90 billion flowed into Africa from its global diaspora, an amount that rivals the GDP of entire nations. However, a more important question emerges: What do remittances mean for Africa's future?