The initiative ‘African-by’
‘African-by’ is a continental initiative that is supported by the ‘International Federation of Consular Chambers for Africa’- FICA and the ‘United Nations Economic Commission for Africa’ – UNECA. The initiative creates a continental ecosystem and platform that accelerates Economic growth and development in Africa by utilizing local and international resources towards improving inflow of investment, SMEs development and financial inclusion.
Mission and Vision
In line with this, the initiative has been rightfully named African by which heartens individual attention to focus on the African continent. As the name suggests, the African by initiative uniquely works towards creating one economy for Africa that will contribute towards economic growth of the continent by mainly fronting the socio-economic growth of Africa by Africans themselves while engaging local skills and assets that are available in each of the African countries. With the theme of empowering Africans by Africans the scope of the initiative is to establish platform operators in each African country.
The Major Component and part of this large continental goal of FICA is to achieves its dream of Creating One Economy for Africa. The initiative enables:
- The African diaspora to invest in their country of origin
- Micro and Small Enterprises (MSEs) to access a potential market, build their capacities and support them towards growth.
- The use of remittance towards productive investment as opposed to merely for consumption.
- Foreign currency inflow to the country improving availability of foreign currency via. export of products and services.
The African-by initiative will contribute to inflow of foreign currency as the platform provides the diaspora to invest in the country & boost the market interaction of the SMEs to the international market, thereby securing foreign currency for the country of origin.
The initiative also strongly integrates women empowerment which is planned to be achieved by enabling and ensuring women inclusiveness in economic and social aspects of the country. To this end, the initiative works towards creating access to market, access to finance, awareness and literacy as well as ensuring active involvement of women in social and entrepreneurship agendas.
The initiative will be scaled up across the African continent through the approach of working closely with local developers & local implementers in each respective African country.
FICA – International Federation of African Consular Chambers
International Federation of Consular Chambers for Africa (FICA) is the first international organization that has been created with a central role to support African countries to achieve economic and social growth and development. FICA has developed a platform to promote inclusive and sustainable development activities, contributing to achieving the ultimate objective.
UNECA – United Nations Economic Commission for Africa
Established by the Economic and Social Council (ECOSOC) of the United Nations (UN) in 1958 as one of the UN’s five regional commissions, ECA’s mandate is to promote the economic and social development of its member States, foster intra-regional integration, and promote international cooperation for Africa’s development. Made up of 54 member States, and playing a dual role as a regional arm of the UN and as a key component of the African institutional landscape, ECA is well positioned to make unique contributions to address the Continent’s development challenges.
- Building on the experience of the implementation of the African Information Society Initiative and the African Innovation framework
- Define the road map for financial inclusion with private sector, to ensure that finance fulfills its purpose, that economic growth performance true the SME’s is inclusive and sustained.
- Driving the platform-Form African-By© via emerging technologies and organizational setups such as financial technology (FinTech) to reduce financial exclusion on the continent.