Western Union, USAID, TEF Partner on Diaspora Marketplace

Western Union, USAID, TEF Partner on Diaspora Marketplace

The Western Union Company, a leading global payment services provider and the United States Agency for International Development (USAID) have inaugurated the second African Diaspora Marketplace (ADM).

The ADM is an initiative which encourages sustainable economic growth and employment by supporting United States based African Diaspora entrepreneurs with innovative and high-impact ideas for start-up and established businesses in sub-Saharan Africa.

The second phase of ADM will incorporate key learning from the first African Diaspora Marketplace: focusing grants towards high priority, high-impact sectors in Africa, including agribusiness, renewable energy, and information and communication technology (ICT).

A statement from the organisations said that the launch of ADM II coincided with Global Entrepreneurship Week events in Washington, D.C., and kicks off a month-long series of small business workshops in six other United States cities. 

Partnership with TEF

According to the statement, the Tony Elumelu Foundation (TEF), an African-funded foundation that promotes the competitiveness of the African private sector, is joining the ADM II partnership.

The TEF will participate through the hosting of an annual event in Lagos, south west, Nigeria starting in late 2012 where ADM grantees will have the chance to pitch to a group of select impact investors for second round equity and debt financing. 

Funders

Also joining USAID and Western Union as funders thus far are the Western Union Foundation.

The statement added that to expand upon ADM’s previous success, Western Union and USAID were inviting small business investment funds and technical assistance mentors to participate in the effort to engage Diaspora entrepreneurs.

In 2010, the ADM awarded more than a dozen matching grants of $100,000 each to winning business entries in seven countries.

“Our support for innovative Diaspora entrepreneurs is an investment in the long-term economic health of Africa.

“Through this collaboration, Western Union and USAID are helping to tap the economic potential of the 1.4 million Africans living in the US, bringing more direct investment to the continent.

“The African Diaspora marketplace will strengthen and help satisfy demand for locally-produced products and services by leveraging Diaspora capital and resources,” President and CEO of Western Union, Hikmet Ersek, said. 

In his comments, Founder of TEF, Mr Tony Elumelu, said: “Through lessons learned from over two decades of building successful businesses in Africa, I firmly believe that Africa’s economic transformation can be driven from within by the continent’s own entrepreneurs.”

  NP/Adekusibe/Williams