According to a new study by World Mobile, a mobile network operator, members of the African diaspora living in Europe are increasingly investing in businesses on the African continent. This investment trend includes sectors such as technology and e-commerce, as well as sharing economy businesses, with 83% of those surveyed stating that they are likely to invest in sharing economy businesses over the next five years. World Mobile is introducing the sharing economy to the telecom industry, allowing anyone to share in the ownership and rewards of a mobile network. The infrastructure for World Mobile’s network can be owned jointly by its users and operators, thanks to its network’s specific focus on the sharing economy. Analysts predict that the sharing economy will be valued at over $335 billion globally by 2025, with Africa being a key centre for growth.
The benefits of diaspora investment in Africa are significant, with investments helping to boost economic development, create jobs, and support local businesses. The investments also help to build stronger ties between the diaspora and the countries of their ancestors, fostering a sense of pride and connection. The study by World Mobile showed that the diaspora community sends an average of $500 a month to their country of origin, with nearly three out of four stating that some or all of the money goes towards supporting businesses they are involved in as investors.
World Mobile’s network model is more sustainable than that of legacy mobile operators, providing innovative solutions to environmental, social, and economic issues by using solar-powered nodes, second-life batteries, and energy-efficient technology, mitigating its environmental impact. World Mobile is currently rolling out operations in Zanzibar and is in the testing phase in Kenya, with advanced discussions in several other African countries in order to rapidly expand its network across the continent.