By 
By Ross Moyo
Econet Founder and Executive Chairman, Strive Masiyiwa has said remittances are the biggest source of Capital for Zimbabwe and Africa.
Speaking in a fire side chat with Microsoft President and Vice Chairman, Brad Smith, the Zimbabwe Telcos Mogul made his case categorically.
“The biggest source of capital in Africa today is remittances from Africans living in the diaspora,” said Masiyiwa.
“By the way, with great appreciation for the donors and others, It is not the nations that drive Africa.It is internal resources and remittances, a usd $100 billion last year in remittances is our single source of foreign investment.”
Masiyiwa referred to the African Diaspora, mostly the first generation now living and working outside their home countries. The Diaspora send home over USD$100 billion annually according to Masiyiwa and statistics that are verified by the African Development Bank (2024).
Masiyiwa added, “So we rely very much on young people that are working at Microsoft for instance.”
Brad Smith the Microsoft President interjected and said, “Now there is a group at Microsoft right here in Redman Seattle called Africans at Microsoft all from around countries across Africa, i dont ask them how they spend their money but i have no doubt that they contribute to this.”
Egypt alone account for the bulk of African remittances sending home over usd $29 billion with Nigeria coming second with just over usd$26 billion. Despite most of the African citizens who decide to leave home often struggling to build a new life especially at first, the DiasporaNation has reaffirmed itself as the single largest source of foreign exchange into Africa, sending money termes “Remittances” home.
Zimbabwe broke the ceiling accounting for almost a billion in united states dollars with most of the remittances coming from Zimbabweans living in The United Kingdom followed by other Zimbabweans in places like America , Canada, Australia, New Zealand, Germany, France many European countries, Russia, including other African countries like South Africa, Botswana, Namibia, who host millions of Zimbabweans in the SADC region.These Remittances (money transferred to family and friends in home countries) dwarf the amount coming from Foreign Direct Investment.
“But did you know they once invited me at Microsoft to speak to them in 2014,” Masiyiwa replied his co-host Smith, the Microsoft boss.
“So i came cause i come to Seattle quite a bit and they said to me so what are you doing about cloud and artificial intelligence, i said artificial intelligence should i be doing something?”
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