Securing the diaspora is now a ‘real African business’
By UK reporter
Based in the United Kingdom diaspora insurance (DI) is now a truly African company with operations in several countries and is helping to mitigate the negative socio-economic impacts of the brain drain on the continent.
At a workshop recently hosted by the African Chamber of Business in Birmingham, Jeff Madzingo, Founder and CEO of Insurance, said the brain drain was a serious problem for Africa and that the company was playing a key role in connecting the diaspora to the continent.
The workshop was attended, among other dignitaries, by South African Minister of Sports, Nathi Mithwa, High Commissioner for Kenya, Manoah Esbisu, and Deputy High Commissioner for Uganda, John Mugerwa, as well as the Trade Representative of the High Commission for Ghana. Baba Osu-Ankomah.
“(I have seen the brain drain) Africa has become a training ground; you train professionals and then you lose them in first world countries. The brain drain is really stressful in terms of developing human capital capabilities.”
“How do we reverse it? It’s hard to go back physically because people will, of course, migrate and look for opportunities, and there’s not much we can do other than create opportunities for them at home.”
“But as a safeguard for the diaspora, we can link the African diaspora, which the continent lost to the first world countries, to their countries of origin.
We create a solution called The funeral monetary system for expatriates Which, unlike traditional consumer-based remittances, creates opportunities and capabilities in Africa while carrying risks in some of the world’s largest capital markets, such as London and Berlin.”
added; “Also, when it comes to financial inclusion, we shift risk so that people in Africa can protect themselves with a policy that the risk lies in the world’s largest capital markets through our product.
“This is because expatriates can cover themselves not only in the diaspora, but they can also cover their families at home.
“As such, when mourning occurs again in Africa, money is sent from the world’s largest capital markets to those communities, in the process of empowering them.”
Now in its 10th year of operation since the first document was written in 2012, Diaspora Insurance has grown into a multi-million dollar business that has also paid out millions of dollars in cash settlements for families.
From its base in the United Kingdom, the company has since expanded to about eight countries in South Africa and four in East Africa, as well as Ghana in West Africa.
“We have a call center in Birmingham, but we are expanding rapidly and we now have another call center in Randburg, South Africa, which also provides business opportunities there,” Madzingo said.
“We are in the midst of a massive purchase of an office building in South Africa for our call center, and this money is coming, not as remittances to consumers, but as a direct investment in Africa as part of mitigating capital flight out of minds.
“We are looking to invest in different markets, and as a growing company, there are opportunities that come from our growth in terms of distribution partners and customer support.”
He praised the African Chamber of Business in Birmingham for creating a networking platform for expatriate businesses, saying: “We believe in the power of networking and opening up opportunities.
“…By coming together as Africans, we also share ideas and encourage each other to do better. So there are always opportunities to come together and we are very proud to be part of the African Chamber of Business.”
Watch the presentation of the CEO of Insurance Diaspora below;
“Award-winning zombie scholar. Music practitioner. Food expert. Troublemaker.”