Wajenzi is an investment platform connecting expat living in the Netherlands to investment opportunities in Africa. Wajenzi want to leverage the expats’ untapped interest in homeland to increase access to finance, create jobs, and improve productivity in Africa. Thus, foster innovation and technology adoption of the continent.
Indeed, SMEs contribute 58% of total employment and 33% of the continent’s GDP, making them critical for socio-economic growth of the continent. Yet more than 70% of SMEs lack access to finance, which hinders their growth.
The expat has the potential to be a major source of development financing as shown in the high remittances they send back home estimated at $38 billion in 2018. However, most recipients of remittances use the money for consumption like paying rent or other household bills and little is invested in productive investment.
Remittances can become an important tool for economic development, especially if they can be channeled into productive investment. The expats are willing to contribute to local employment but lack a trustworthy investment vehicle.
P2P investment has become a multi-billion-dollar industry, funneling millions into thousands of projects in Europe and the US. However, it is still at early stage in Africa. The continent has only 57 platforms for 54 countries. Half of the platforms operates in South Africa. There is a clear need to introduce a PanAfrican platform connecting expats and investment opportunities back home to enhance economic development.