Wajenzi is now working with PUM through the Making Africa Work (MAW) Program. MAW will support Wajenzi in developing a business plan and finding a local partner in Ghana. This partnership will result in a joint business plan between Wajenzi and the local partners. The business plan will be used for fundraising. PUM will also facilitate this matter.
Thanks to the support of Leiden Center for Innovation through its changemakers lab, Wajenzi was one of the 10 startups that pitched their Business idea at the Borders Session in The Hague. Wajenzi won the second place and will receive technical assistance from the Municipality of The Hague.
Wajenzi’s vision is to turn migrants into the community builders of their country of origin.
We are building a crowdfunding platform that enables diaspora to invest in innovative and disruptive companies in their country of origin. Our mission is to democratize access to finance by bringing new sources of finance to companies. Wajenzi means “Builders” in Swahili: our vision is to turn migrants into community builders within their country of origin.
Alain: “I came up with this idea 2 years ago while working for an investment fund. I wanted to invest in a small company in Africa and realized that there was not any investment platform dedicated to migrant investment. I started discussing this issue with other migrants and realized that they wanted to support their countries too but they were facing the same challenge.”
Every year, African migrants or diaspora living in developed countries send money back home to support their families. According to the World Bank, these remittances were estimated at $35.2 billion in 2015. These remittances are used for consumption mainly meaning paying for basic services such as utilities, school fees and health bills. Only a small part of these remittances is invested in high growth companies in Africa.
Indeed, Africa is the fastest growing continent and the number of lucrative investment opportunities are rapidly growing. Yet 70% of these fast growing companies don’t have access to finance. The diaspora would like to support and invest in those companies to take part of the growth and to support economic development back home but they lack an investment platform targeting them.