What, Why, Where, When, How?
The saving power of the African Diaspora in form of remittances sent back to the African continent is a subject many agencies and institutions have continuously underlined. The World Bank stated in June 2015, “The potential wealth and talent existing in the African Diaspora is enormous. Some researchers estimate that US$53 billion is saved on an annual basis by the African Diaspora. Additionally, it is estimated that by 2040 Africa will have a larger workforce than China or India. All of this will require targeted new enterprise growth in areas that can enhance food supply, healthcare services, and educational solutions, particularly in the area of Science, Technology, Engineering, and Mathematics (STEM) within local communities” (World Bank African Diaspora Trade Forum)
Bridging the diaspora divide by motivating our members to consolidate our financial resources in a one saving program that will give us more leverage and efficiency in contributing in African countries economy for mutual profit is the monumental of this organization. Our first step is launching a non-profit financial program that mobilize the diaspora in the saving program. A credit union is the first place to start.
African Diaspora Financial Empowerment Credit Union is a member- owned not-for-profit financial cooperative providing quality financial services and economic stability of African immigrants’ communities to meet their financial needs at the best value non-affordable at traditional financial institutions while maintaining professional and high standard financial management of owned-resources in a business environment where efficiency, integrity and honesty embody “People Service” core value. Members own their money and the bank. Empowered -Africans communities will create synergy that triggers growth and development both for members/owners and the business that will expand through scalability. The business will offer best alternative in managing and monitoring the billion dollars remittance transactions business between African immigrants and their respective countries of origin.
How do you participate?
Particpate in the African Diaspora Saving Power Basket by depositing a minimum of 25 dollars per month.
The amount of saving for investement you deposit is your share in the program, and you will receive a monthly report.
The long-term goal is the chartering of the credit union.