Diaspora–led Technological Innovations and Digital Transformation in Africa: Investigating the Contributions to Technological Advancements and Digital Transformation in Finance and Telecommunications for Sustainable Development

Abstract

Amidst the global technological boom, Africa is experiencing a profound digital transfiguration and significant developments in the finance and telecommunications sectors; a transformative shift which can unarguably be said to have been propelled by Africans in the diaspora. This paper unearths the significant contributions made by African diaspora in fostering technological and digital transformation, particularly within the finance and telecommunication sectors. The influence of these diaspora-led innovations are not just reshaping the landscape of Africa’s economic sectors, but also facilitating sustainable development. By employing qualitative methodology, the study draws attention to the diaspora’s significant impact in helping Africa leapfrog technological boundaries. Using the diffusion of innovation theory, this investigation argues that diaspora engagement encourage technological innovation – ultimately promoting sustainability and development. However, despite these impacts; challenges such as limited technological knowledge, regulatory barriers and poor infrastructure persist. Based on the findings, this research recommends developing policies focusing on intensifying diaspora engagement to further enhance technological development, digital transformation, and sustainable development. By demonstrating the practical implications of these contributions, this paper endeavours to underscore the need for harnessed diaspora involvement to optimize future opportunities for digital transformation and sustainable development in Africa. It also underscores the need for drastic measures to address cyber-threats associated with financial and telecommunications industries and digital transformation.