The African Diaspora Network (ADN) and Myriad USA are set to launch the African Diaspora Innovation Fund (AfDIF) as part of the ADN’s 2024-2028 Strategic Plan.
This fund aimed at enabling investments and philanthropy for sustainable development and transformational impact across Africa will be under the supervision of Myriad USA, a registered U.S. charity with expertise in Donor-Advised Funds (DAFs).
About the African Diaspora Innovation Fund (AfDIF)
Although Africa’s diaspora is a key driver of the continent’s development, contributing to poverty reduction through remittances and supporting growth in healthcare, education, fintech, and governance through investments in businesses and social impact organizations, the impact of Africans in Diaspora remains limited.
The AfDIF is therefore aimed at bridging this gap by introducing philanthropic capital to amplify the impact of social entrepreneurs and locally-driven solutions across Africa. The African Diaspora Innovation Fund (AfDIF) seeks to mobilize $1 million in six months, with an average donor contribution of $500. The fund’s philosophy is to democratize philanthropy by encouraging diaspora individuals and friends of Africa to make tax-deductible contributions of $500 or more to the African Diaspora Innovation Fund.
The ADN currently seeks a lead institutional funder to be the anchor donor by matching contributions 2:1 up to $750,000, doubling the impact of every dollar raised. ADN will also lead a crowdfunding campaign with the African diaspora to mobilize $250,000. Collectively, the $1 million in funds will be utilized to provide matching grants of up to $25,000 to be returned after three years to high-impact African entrepreneurs selected through a transparent, donor-driven process based on their ability to drive meaningful and sustainable change across Africa.
The aim of this is to foster sustainable development and growth of African businesses, and promote the creation of jobs and wealth, both in the United States and in Africa. The fund would operate with the highest regulatory standards, ensuring transparency, tax deductibility for donors, and rigorous compliance measures, including Know Your Client (KYC) protocols.
