How tech start-up is attempting to improve small businesses funding – The New Times
Posted By admin on January 11, 2022
Small and Medium Enterprises (SMEs) are key to the growth of African economies, but they are often plagued by challenges among them lack of adequate funding to startup or grow their businesses.
Though governments like Rwandas are doing a lot to create a supportive and enabling environment, capital challenges still linger, especially for the micro SMEs operating in the informal sector, which find it hard to obtain loans from banks due to failure to meet the necessary requirements, for example collateral.
Marlon Weir, a Jamaican-American diaspora who has relocated to Rwanda is developing a 1st of its kind, unique IT solution which he reckons can be a platform for local SMEs to qualify and host micro-investment opportunities, which will aid them in accessing funding from their counterparts in outside countries (the rest of Africa and the global African diaspora).
Dubbed AFRIKANEKT.com, the application aims to be an all-in-one digital solution that provides multiple functions including global encrypted messaging, tourism, trading, Fintech, agriculture, social networking and entertainment, amongst others.
In an interview with Doing Business, Weir explained that by using technology, Africans on the continent can start to access person-to-person or crowd funding from their diaspora-based counterparts, and this can be of benefit to those that face difficulty in accessing funds from financial institutions in facilitating the growth of their operations.
We feel that the best way nowadays is person to person. For instance, if someone based in the diaspora, say in the USA has $500 USD, it doesnt go very far there. However, for someone in a rural area in Rwanda, that $500 USD can really assist a lot with certain projects, for example in agriculture, he said.
Through a platform like AFRIKANEKT, Africans can submit their projects, explain the returns expected, and how much funding they need. The platform will do their due diligence on the project and expose it to diaspora-based counterparts who can provide the funding. We, as the managers of the platform will act as the (trusted) guarantors in this case. The micro-investor will pass the money through us, and we will take the necessary steps to ensure that the project is managed and executed correctly while guaranteeing a certain level of ROI (return on investment) for the investor, he added.
Weir believes that equitable partnerships between Africans on the continent and those in the diaspora can be harnessed to achieve a lot as far as improving livelihoods and enhancing the economies is concerned.
We have 1.3 billion people on the continent, but further to that, there is the diaspora. We have about 300 million people of African descent living outside of Africa. Considering things like spending power, education levels, global experience, etc - we can surely add something to each other. The future is African and going forward, our unity is going to be our strength, but to make that realized, we really need to leverage technology to facilitate it and make it happen faster, he noted.
Furthermore, Weir says that with the actualisation of the African Continental Free Trade Area (AfCFTA), there are opportunities for the free movement of goods and people across the continent, and there should be technological mechanisms that aid the ordinary people to understand and benefit from this.
We dont necessarily see a user friendly mechanism that helps the layperson to be able to be informed and trade via the AfCFTA, and we feel very strongly that a technology like AFRIKANEKT can fill that void, he noted, explaining that people can use such an online platform to sell their goods, ranging from electronic devices like mobile phones to agricultural commodities, across the continent and globally.
Stressing that tourism is a huge driver for cooperation, peace, tolerance and economic growth, Weir states that creating an African crafted, up-to-date narrative of what our African countries have to offer today will be a game-changer going forward.
He gave the example of The Year of Return in Ghana in 2019, which attracted millions of tourists from the diaspora and over $1 billion to the Ghanaian economy. Such bold and necessary promotional campaigns have to be enacted across the continent and on a regular basis. Awareness of these campaigns and opportunities on offer can be facilitated through AFRIKANEKT and strategic partnerships with the tourism, cultural and economic bodies on the continent.
More here:
How tech start-up is attempting to improve small businesses funding - The New Times
- A long wait: Indian diaspora sends Covid aid, but it gets stuck in the process - India Today [Last Updated On: May 8th, 2021] [Originally Added On: May 8th, 2021]
- Join Influential Black Women From Across The Diaspora At The ESSENCE I Am Speaking Summit - Essence [Last Updated On: May 8th, 2021] [Originally Added On: May 8th, 2021]
- 6 famous members of the Armenian diaspora that have taken the world by storm - Daily Sundial [Last Updated On: May 8th, 2021] [Originally Added On: May 8th, 2021]
- On the ground and afar, diaspora boosts India's virus fight - The Associated Press [Last Updated On: May 8th, 2021] [Originally Added On: May 8th, 2021]
- Georgia State University, Clinton Global Initiative Partner To Improve Educational Opportunity In The Caribbean - Georgia State University News [Last Updated On: May 27th, 2021] [Originally Added On: May 27th, 2021]
- "There is a Wealth of Talented Singers in the Diaspora, But no Platform to Showcase Their Talent" - Gary McCook, founder of the Jamaica... [Last Updated On: May 27th, 2021] [Originally Added On: May 27th, 2021]
- Belief - Shaping The Reality Of Life In The Asian Diaspora - Cinelinx [Last Updated On: May 27th, 2021] [Originally Added On: May 27th, 2021]
- We stand with Armenia! Just what does that mean? - Armenian Weekly [Last Updated On: May 27th, 2021] [Originally Added On: May 27th, 2021]
- Op-Ed: Were at the beginning of the California diaspora - Los Angeles Times [Last Updated On: May 27th, 2021] [Originally Added On: May 27th, 2021]
- Sterling Bay Partners With Gallery Guichard To Showcase Art Of The African Diaspora At One Two Pru - PRNewswire [Last Updated On: May 27th, 2021] [Originally Added On: May 27th, 2021]
- Indian diaspora in Japan comes together to aid homeland - The Mainichi - The Mainichi [Last Updated On: May 27th, 2021] [Originally Added On: May 27th, 2021]
- Ripples of unrest in Colombia reach Florida, home to a third of U.S. diaspora - Tampa Bay Times [Last Updated On: May 27th, 2021] [Originally Added On: May 27th, 2021]
- 'Concerning rise in antisemitism' linked to IDF operation - ministry - The Jerusalem Post [Last Updated On: May 29th, 2021] [Originally Added On: May 29th, 2021]
- Press Releases - City of Houston [Last Updated On: May 29th, 2021] [Originally Added On: May 29th, 2021]
- Saaya Unveiled: Milwaukee author offers insight into the mental health issues of the South Asian diaspora - Milwaukee Independent [Last Updated On: May 29th, 2021] [Originally Added On: May 29th, 2021]
- The rage of anti-Zionism: When Jews are targeted for Israel's actions - The Jerusalem Post [Last Updated On: May 29th, 2021] [Originally Added On: May 29th, 2021]
- President Zurabishvili: 'Georgian Diaspora should be given right to take active part in Georgia's democratic processes' - Agenda.ge [Last Updated On: May 29th, 2021] [Originally Added On: May 29th, 2021]
- Indiaspora raises over $1 million for COVID relief from [Last Updated On: May 29th, 2021] [Originally Added On: May 29th, 2021]
- Diaspora | Definition, History, & Facts | Britannica [Last Updated On: May 29th, 2021] [Originally Added On: May 29th, 2021]
- Nollywood: how professionalism -- and a new elite audience -- is affecting it - The Conversation CA [Last Updated On: June 7th, 2021] [Originally Added On: June 7th, 2021]
- Diaspora IPOB group indicates readiness to leave Nigeria - The Nation Newspaper [Last Updated On: June 7th, 2021] [Originally Added On: June 7th, 2021]
- The Responsibilities of Caribbean Intellectuals, Part II - Stabroek News [Last Updated On: June 7th, 2021] [Originally Added On: June 7th, 2021]
- JUST IN: Communities and diaspora combine for projects - Chronicle [Last Updated On: June 7th, 2021] [Originally Added On: June 7th, 2021]
- Diaspora "doesn't even known where Greece falls on a map", say leftist deputies opposed to voting rights for Greeks abroad - Neos Kosmos [Last Updated On: June 7th, 2021] [Originally Added On: June 7th, 2021]
- Rally marks year and a day since Black Lives Matter protest filled Ottawa streets - Ottawa Citizen [Last Updated On: June 7th, 2021] [Originally Added On: June 7th, 2021]
- New book co-edited by a VCU professor offers a more inclusive understanding of the Arab diaspora - VCU News [Last Updated On: June 7th, 2021] [Originally Added On: June 7th, 2021]
- Jamaicas Education Minister, Fayval Williams to Connect with Jamaicans in the Diaspora - South Florida Caribbean News [Last Updated On: June 7th, 2021] [Originally Added On: June 7th, 2021]
- Faced With a Tsunami of Antisemitism, Diaspora Jews Still Cling to Their Bubble - Algemeiner [Last Updated On: June 7th, 2021] [Originally Added On: June 7th, 2021]
- In Family Man 2, three aspects that remind us of Tamil rebels - The Indian Express [Last Updated On: June 9th, 2021] [Originally Added On: June 9th, 2021]
- INEC asked to okay Diaspora voting in 2023 - The Nation Newspaper [Last Updated On: June 9th, 2021] [Originally Added On: June 9th, 2021]
- Why Kenyans in diaspora need to watch out on tax compliance - The Standard [Last Updated On: June 9th, 2021] [Originally Added On: June 9th, 2021]
- Antisemitism Rages While Diaspora Jews Cling to their Bubble - The Jewish Press - JewishPress.com [Last Updated On: June 9th, 2021] [Originally Added On: June 9th, 2021]
- There is a Particular Way Young People from the Caribbean Diaspora Speak to Their Parents and Interact with Family: Mandy Marcus on Her Student Short... [Last Updated On: June 9th, 2021] [Originally Added On: June 9th, 2021]
- Exhibition: The African Diaspora in England - The Voice Online [Last Updated On: June 9th, 2021] [Originally Added On: June 9th, 2021]
- Abuser Arrested + Pitcher Returns + Art Of The Hawaiian Diaspora - Patch.com [Last Updated On: June 9th, 2021] [Originally Added On: June 9th, 2021]
- Great Britain's First Black Studies Professor Wants To Unite The Diaspora - Seattle Medium [Last Updated On: June 9th, 2021] [Originally Added On: June 9th, 2021]
- Queen Mother of African Diaspora in America to Biden: Cut the Check - The Black Wall Street Times [Last Updated On: June 9th, 2021] [Originally Added On: June 9th, 2021]
- For the diaspora, ties that bind and divide - Hindustan Times [Last Updated On: June 9th, 2021] [Originally Added On: June 9th, 2021]
- National Museum of African American History and Culture Observes Juneteenth With All-Day Virtual Programming - redlakenationnews.com [Last Updated On: June 16th, 2021] [Originally Added On: June 16th, 2021]
- Green Ghana: African Diaspora in Ghana to join Beyond the Return to plant trees - MyJoyOnline.com - Myjoyonline [Last Updated On: June 16th, 2021] [Originally Added On: June 16th, 2021]
- African HE after COVID: The bane and the boon - University World News [Last Updated On: June 16th, 2021] [Originally Added On: June 16th, 2021]
- Placing queerness at the heart of the Irish emigrant experience - The Irish Times [Last Updated On: June 16th, 2021] [Originally Added On: June 16th, 2021]
- Local Artist's Work Featured In LV City Hall Exhibit - mvprogress [Last Updated On: June 16th, 2021] [Originally Added On: June 16th, 2021]
- Group works to rebuild and revitalize urban infrastructure in Brikama Nema in The Gambia - madison365.com [Last Updated On: June 16th, 2021] [Originally Added On: June 16th, 2021]
- Black Women Disrupt the Web partners with kweliTV on new web series - The Black Wall Street Times [Last Updated On: June 16th, 2021] [Originally Added On: June 16th, 2021]
- Jamaicans At Home And Abroad Encouraged To Attend The Diaspora Symposium On June 16 & 17 Jamaica Information Service - Government of Jamaica,... [Last Updated On: June 16th, 2021] [Originally Added On: June 16th, 2021]
- Indian diaspora in US divided over discrimination - Media India Group [Last Updated On: June 16th, 2021] [Originally Added On: June 16th, 2021]
- Greek Orthodox Archdiocese of America Supports Young Learners in the Greek Diaspora With StaEllinika's New Mythology Course - From the Archdiocese -... [Last Updated On: June 16th, 2021] [Originally Added On: June 16th, 2021]
- Gov't Taking Zero Tolerance Approach To Child Abuse Jamaica Information Service - Government of Jamaica, Jamaica Information Service [Last Updated On: June 18th, 2021] [Originally Added On: June 18th, 2021]
- Focus on investments, knowledge and skills to facilitate trade - Wamkele Mene to Diaspora - GhanaWeb [Last Updated On: June 29th, 2021] [Originally Added On: June 29th, 2021]
- Uganda: Covid-19 and HIV/AIDS Why It Is Time Diaspora Scientists Must Return Home to Develop African Herbal Therapies - Black Star News [Last Updated On: June 29th, 2021] [Originally Added On: June 29th, 2021]
- What To Do This Week: June 29 July 4 - Nob Hill Gazette [Last Updated On: June 29th, 2021] [Originally Added On: June 29th, 2021]
- Confusion and connection: The yams and sweet potatoes of the African Diaspora - Yahoo Lifestyle [Last Updated On: June 29th, 2021] [Originally Added On: June 29th, 2021]
- Reflecting on the diaspora's tangible and intangible contributions - University World News [Last Updated On: June 29th, 2021] [Originally Added On: June 29th, 2021]
- London Design Biennale 2021 Winners: Chile, Venezuela, Pavilion of the African Diaspora, and Israel - ArchDaily [Last Updated On: June 29th, 2021] [Originally Added On: June 29th, 2021]
- The Korean Diasporas in Mexico and Eurasia - The Diplomat [Last Updated On: June 29th, 2021] [Originally Added On: June 29th, 2021]
- NIDCOM at two: Beyond expectations | The Guardian Nigeria News - Nigeria and World News Opinion The Guardian Nigeria News Nigeria and World News -... [Last Updated On: July 11th, 2021] [Originally Added On: July 11th, 2021]
- Indian American Diaspora Saddened at death in detention of Stan Swamy The Indian Panorama - The Indian Panorama [Last Updated On: July 11th, 2021] [Originally Added On: July 11th, 2021]
- New exhibition Untitled finally gives a forward-thinking display of diasporic art - The Independent [Last Updated On: July 11th, 2021] [Originally Added On: July 11th, 2021]
- Konstantinos Vlasis, the man responsible for the diaspora, celebrates his birthday with Greek Australians and says, "We want you back" -... [Last Updated On: July 11th, 2021] [Originally Added On: July 11th, 2021]
- Botanicas and the Afro-Latino Diaspora, a Pillar of History and Identity - BELatina [Last Updated On: July 11th, 2021] [Originally Added On: July 11th, 2021]
- Antithesis for the Antipodes: Two political viewpoints showcased in meeting with diaspora - Neos Kosmos [Last Updated On: July 11th, 2021] [Originally Added On: July 11th, 2021]
- Zimbabweans in the diaspora must be allowed to vote and politicians paranoia is preventing it - Daily Maverick [Last Updated On: July 11th, 2021] [Originally Added On: July 11th, 2021]
- Iranian Diaspora Organizes Historic Online Event in Support of Democracy and Justice in Iran - PRNewswire [Last Updated On: July 11th, 2021] [Originally Added On: July 11th, 2021]
- ShemarooMe is all set to revolutionize the way Indian Diaspora is being entertained in the US - PRNewswire [Last Updated On: July 11th, 2021] [Originally Added On: July 11th, 2021]
- MAGA diaspora: We're tracking the 327 most important lobbyists, authors, and consultants in Trump's post-White House influence network - Yahoo News [Last Updated On: July 11th, 2021] [Originally Added On: July 11th, 2021]
- 'Bring intellectual capital from the diaspora to Africa' - University World News [Last Updated On: July 11th, 2021] [Originally Added On: July 11th, 2021]
- The Haitian Diaspora Responds to the Killing of Haiti's President - The New York Times [Last Updated On: July 11th, 2021] [Originally Added On: July 11th, 2021]
- Come home, register to vote - The Herald [Last Updated On: July 21st, 2021] [Originally Added On: July 21st, 2021]
- EDITORIAL: Beware of property fraud! | The New Times | Rwanda - The New Times [Last Updated On: July 21st, 2021] [Originally Added On: July 21st, 2021]
- Take the vaccine and avoid added expenses, Hurst tells public servants - Antigua Observer [Last Updated On: July 21st, 2021] [Originally Added On: July 21st, 2021]
- Greeks abroad support the creation of a Ministry for the Diaspora - Neos Kosmos [Last Updated On: July 21st, 2021] [Originally Added On: July 21st, 2021]
- The Peoples National Party of Jamaica to Host A Conversation with The Diaspora - South Florida Caribbean News [Last Updated On: July 21st, 2021] [Originally Added On: July 21st, 2021]
- Diaspora remittances jump to Ksh 190b in first half of 2021 - Kenya Broadcasting Corporation [Last Updated On: July 21st, 2021] [Originally Added On: July 21st, 2021]
- ASIA/MYANMAR - Demonstrations of the Burmese diaspora around the world: recognition of the Government of national unity is being asked - Agenzia Fides [Last Updated On: July 21st, 2021] [Originally Added On: July 21st, 2021]
- Herbs and vegetables of the African diaspora grow at Longue Vue, with roots deep in the past - NOLA.com [Last Updated On: July 21st, 2021] [Originally Added On: July 21st, 2021]
- Fixing relations with the diaspora requires saving the Kotel - The Jerusalem Post [Last Updated On: July 21st, 2021] [Originally Added On: July 21st, 2021]
- Cuba's Historic Protests, The Role Of Artists And The Diaspora's Solidarity - WLRN [Last Updated On: July 21st, 2021] [Originally Added On: July 21st, 2021]
- $25,000 Art Prize to Focus on AAPI and Asian Diaspora Artists: We Wont Be Overlooked Again - ARTnews [Last Updated On: July 21st, 2021] [Originally Added On: July 21st, 2021]
- Diaspora organizations and their humanitarian response in Ukraine - Ukraine - ReliefWeb [Last Updated On: July 21st, 2021] [Originally Added On: July 21st, 2021]
Comments