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Diaspora Kapita Takes Bold Step with VFEX Listing to Empower African Diaspora

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In a bold move, Zimbabwean investment firm Diaspora Kapita (DK) has successfully listed on the Victoria Falls Stock Exchange (VFEX). This strategic decision is part of DK’s plan to raise US$5.5 million and become the premier platform for empowering the African Diaspora.

To achieve its listing on the VFEX, DK acquired the BridgeFort Capital vehicle.

BridgeFort had already secured shareholder approval to delist from the Zimbabwe Stock Exchange (ZSE), and the deal enabled it to meet the capital requirements for proceeding with the VFEX listing.

As part of the transaction, BridgeFort issued shares to acquire Diaspora Kapita and Agritech.

Incoming CEO Vhusi Phiri explained the reasoning behind the listing: “We listed on the VFEX because Zimbabweans understand the diaspora. We used the VFEX as our stepping stone into the wider diaspora market.”

Phiri added that the listing has helped build credibility for DK’s vision, raised funds to strengthen its entities, and ultimately enabled growth across Africa.

In another LinkedIn post, Phiri shared that at the recently held Diaspora Kapita Investment Roadshow, the company received an overwhelming response from potential investors, underscoring the strong interest in the exciting opportunities presented by the new BridgeFort Capital (Class A) platform.

“The overwhelming response from potential investors underscores the strong interest in the exciting opportunities presented by the new BridgeFort Capital (Class A) platform,” Phiri posted.

The event, held on November 19th at the Hyatt Regency (formerly Meikles Hotel) in Harare, brought together individuals eager to learn about potential investment opportunities with Diaspora Kapita.

The potential investments in Diaspora Kapita are vast and varied.

One key sector is the South African Insurance & Funeral Services Industry, which generates R26 billion annually, with R11 billion dedicated to funeral services.

Additionally, the African Diaspora Financial Services sector offers immense potential, with the African diaspora remitting US$100 billion annually, and Zimbabwe receiving US$25 billion over the past 15 years.

Diaspora Kapita’s potential investments also include innovative financial solutions, such as savings and insurance products tailored for the retail mass market. This approach aims to unlock opportunities in a market where insurance penetration is below 3%.

With its strong presence in the African market, Diaspora Kapita is poised to make a significant impact in the financial services sector.

“We are excited about the journey ahead and remain committed to delivering value to our investors while transforming financial services across Africa,” concluded Phiri.

But what is Diaspora Kapita?

DK is an investment company formed through the collaboration of Africans in the diaspora and their counterparts back home.

Founded in 2014 by 13 Zimbabwean expatriates, DK is more than just an investment firm – it is a bridge connecting Zimbabweans around the world with meaningful investment opportunities.

“Our purpose is financial inclusion for all people in Africa. Financial inclusion enables people to lead better lives and allows small businesses to flourish, resulting in a better society for everyone,” commented Phiri.

DK’s diverse investments span financial services, insurance, funeral services, agritech, and fintech.

With over 200 employees dedicated to servicing customers, DK is committed to creating tangible value not only for investors but also for customers and clients who purchase their products.

At the heart of DK is a mission to drive Africa’s growth, create jobs, and tackle the continent’s most pressing challenges head-on.

The African diaspora remits over US$48 billion annually and saves US$53 billion more abroad. DK sees immense potential in leveraging these funds for transformative change.

“In my capacity at DK, I am dedicated to realizing the vision of fostering engagement and development between the diaspora and local communities across Africa,” posted Phiri on LinkedIn.

Zimbabwean diaspora members are a testament to this potential, with over US$1.5 billion remitted each year and more than US$26 billion sent home over the past 15 years.

“DK’s overarching vision is to facilitate inward diaspora investments in Africa, starting with South Africa and Zimbabwe.

“Over the past decade, remittances to Africa have doubled, reaching $100 billion in 2022, surpassing funds received through Official Development Assistance (ODA) and Foreign Direct Investment (FDI).

“Capitalizing on this potential presents a transformative opportunity for Africa,” added Phiri.

DK is pivotal in transforming these remittances into impactful investments.

Earlier this year, DK made a significant investment in Jamboo, a digital bank that targets the African diaspora.

Through collaboration between diasporans and local residents in Zimbabwe and South Africa, DK creates robust co-investment platforms that enhance the prosperity of individual investors and elevate the financial well-being of customers and clients everywhere.

Diaspora Kapita has achieved remarkable milestones in a remarkably short period of time, establishing innovative pathways for wealth generation that will benefit families and empower future generations.

This impressive journey is a testament to the vision, dedication, and collective commitment of the Diaspora Kapita community.

About the Incoming CEO and Co-founder of DK

The current CEO of DK, Vhusi Phiri, is a seasoned executive with a proven track record of success in various industries.

As the CEO of Diaspora Kapita, a company he co-founded in 2014, Phiri has been instrumental in driving the company’s vision of facilitating inward diaspora investments in Africa.

With a portfolio that spans financial services, agri-tech, contract mining, and construction materials supply, Diaspora Kapita is poised to make a significant impact in the African market.

Phiri’s experience in the financial services sector is extensive, having worked with companies such as PwC South Africa, Cerrex Consulting, and AccTech Systems.

At PwC South Africa, he held the position of Sage Business Unit Lead, where he was responsible for sales, engagement management, and business development.

Prior to that, he was the Co-Founder and Director of Cerrex Consulting, a Sage Business Partner that focused on consulting and advisory services within the IT platforms sector.

In addition to his experience in the financial services sector, Phiri has also held various leadership positions in other industries.

He is the Co-Founder and Executive Director of National Funeral Undertakers Investment Company, a financial services investment company with stakes in both insurance and funeral services.

He is also the Director of 21st Century Life, a company that delivers top-tier funeral and financial services in South Africa.

Furthermore, he is the Co-Founder and Director of AgroStrong, a FinTech company that focuses on crafting financial solutions for the retail mass market in Southern Africa.

Phiri’s early life was marked by uncertainty and hardship. In 2007, just before his O Levels, his brother-in-law, who was his guardian at the time, passed away. Phiri wondered how he would continue his education.

However, a mentor’s advice, “Take it step by step; excel in O Levels so it becomes impossible for others not to help,” became his guiding principle.

With hard work, Phiri earned a scholarship from Archbishop Patrick Chakaipa, eventually graduating with a first-class degree and receiving the Chancellor’s Book Prize.

“Though the Archbishop didn’t live to see my accomplishments, his encouragement left a profound impact, as did our regular conversations about life and aspirations,” posted Phiri.

Phiri’s early career also saw him hold various positions, including IT Applications Manager at Delta Beverages Pvt Ltd, Business Analyst at ZB Financial Holdings, and Management Consultant at 4Sight Information Technologies.

Throughout his career, Phiri has demonstrated a commitment to innovation and entrepreneurship. He has been involved in various initiatives that aim to promote financial inclusion and economic development in Africa.

As a leader in the diaspora investment space, Phiri is well-positioned to drive positive change and promote economic growth in Africa.

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