Kenyan wealth-tech startup Ndovu partners with Tulix to empower Africa’s diaspora to invest back home
Africa’s wealth management platform Ndovu has announced a strategic partnership withTulix, an Antler & Catalyst Fund portfolio company, to enable the African Diaspora to access Kenya-based investment opportunities in a transparent and easy way.
In 2021, remittances sent by migrant workers to and within Africa were estimated to be worth over $95 billion. Kenya is among the five highest remittance recipient countries on the continent, receiving nearly $3 billion annually (CBK, 2019).25% of the remittances received are earmarked for savings and investments. ( IFAD).
Radhika Bhach, CEO and Co-founder Ndovu: ''Since our launch in 2020, there has been a pressing call from the diaspora for an easy way to invest back home. This partnership solves this need and allows our overseas-based brothers and sisters to be actively involved in the economic and financial development of our nation. In addition, this linkage reinforces Ndovu’s mission to grow the Kenyan capital market while working closely with financial services regulators like CMA.''
Brian Muriu, CEO and Co-founder, Tulix: '''Through Tulix diasporans can instantly pay businesses from abroad. Our goal is to develop more options for our customers to transact and invest in the local economy and reliance on strategic partnerships that offer added value is a key priority for us. Today's partnership with Ndovu, a company that reflects our drive for technology as the main driver of Africa's future growth, is a testament to our belief in their innovative approach to developing an investing culture among Africa's youth both local and abroad.''