Learn the secrets to building a successful business in Africa!

Do you do business with the wealthiest African nation? (Part 2)

How to develop a product for @DiasporaNation. As I wrote last week, there are an estimated 50m+ Africans working and living outside their home countries today. We generally refer to this collection of communities as the “Diaspora,” so I coined the phrase “@DiasporaNation”. According to official statistics, these guys send home about $65bn per year. If this is 10% of their income, then their total income is about $650bn. It’s a lot of money; in sum, it’s more than the total income of all the 200m people living in Nigeria, at about $550bn! About 25m Nigerians are part of @DiasporaNation, and they send home about $30bn, almost 40% of oil revenues! In some countries like Zimbabwe, Eritrea, Lesotho, and Malawi, @DiasporaNation is the main source of foreign exchange. In many other economies, it is the biggest single source of foreign exchange well ahead of industries like gold, platinum, tobacco and tourism! @DiasporaNation is made up of Africans working in virtually every field, including domestic help, cleaners, restaurant staff, Uber drivers as well as accountants, scientists, engineers, doctors, lawyers, professors, designers, you name it – together they are the lifeblood of Africa’s economy! As entrepreneurs working either at home or in the @DiasporaNation, make sure the product development and marketing strategy of the business you are already in includes @DiasporaNation. You don’t have to think of another business; do it with the business that you are already in. Ask yourself: How can I align my business to sell products and services to @DiasporaNation? If you know your own business well, I’m confident you will find a way! Which reminds me, last week I did a little quiz for Sasai App users only. I asked you to name at least two services on the App which were designed with the @DiasporaNation in mind. __The best answer would have been: “The whole App was designed for the @DiasporaNation!” Lol! Look at it! Take for instance our amazing @Country Explore service… If you are in Houston, Texas, you can log in to see or listen to LIVE digital radio and TV stations in almost any African country! And other parts of the world, too. Sasai’s news and media service alone is truly amazing! If your parents don’t read the English or French, you can also get them to download the local language version and communicate with them to send them money. Remittances are now possible to 35 African countries at a cost of only 2.5%, instead of 10%, which means @DiasporaNation will save over $4bn in fees (HOPEFULLY THEY WILL SEND IT HOME… hint, hint!) Anyway, I promised to choose a quiz winner for last week’s quiz, and my winner is Stephen Iorsoo of Abuja, Nigeria, who wrote: __“The language translation and the money remittance are designed with the @diaspora in mind”… Congratulations! My staff will reach out to you and arrange for us to have a Sasai Video Call in the next several weeks. It will be a five-person call. We can discuss your business or idea for 30 minutes! Well done. “There are a thousand ways to kneel and kiss the ground; there are a thousand ways to go home again”. Rumi To be continued. . .