Diaspora Banking is Broken — Discover a new way of banking from abroad
Reclaiming Trust, Unlocking Capital, and Powering Development through First Diaspora Banking Services
For decades, the diaspora has stood tall—sending home billions annually in remittances. This amount surpasses tourism and even foreign direct investment. Yet despite their immense contributions, most working individuals in the diaspora remain frustrated, disconnected, and under-served by the very banking system they want to trust.
A recent survey conducted by a partnership between First Diaspora Services and the Tukole Foundation set out to investigate this disconnect. The results confirmed what many have long felt: diaspora banking is fundamentally broken—and it's time to build something new.
What the Data Tells Us
We surveyed 2,101 Africans living in the diaspora, mainly in the UAE, North America and Europe, and their responses were clear, consistent, and powerful:
Key Findings:
76.2% already have bank accounts
53% plan to switch banks due to poor service
Over 50% are dissatisfied with access, follow-up, and responsiveness
<10% of diaspora remittances are invested in structured financial products
Only a few banks—are commonly used, because trust is limited
When asked what they really wanted, the diaspora called for mobile-friendly services, retirement products, real estate investment opportunities, and customer service that actually responds.
Above all, they asked for respect for their money and clarity in how it's handled.
“If a diaspora based management service could help us with all this, I’d sign up tomorrow.” – Survey Respondent
Why Hasn’t This Been Solved?
It’s simple: no one has been mandated—or properly incentivized—to fix it.
Banks in Africa often treat diaspora clients as “remittance accounts” rather than full-scale financial partners. Regulatory frameworks are slow to adapt, and most banking models are still built on in-person assumptions. Without a dedicated infrastructure, diaspora clients fall into a customer service void—until the next convention, that is.
What’s missing is a trusted bridge, a system that’s built for the diaspora, by the diaspora.
The Solution: First Diaspora Banking Services (FDBS)
This is why Ntare Financial, in partnership with the Tukole Business Network, is launching First Diaspora Banking Services (FDBS)—a bold, digital-first platform to revolutionize diaspora banking.
The FDBS Model Will:
Digitize diaspora onboarding into a diaspora banking financial system
Create diaspora-facing jobs for customer service, onboarding, and investment support
Mobilize diaspora investment into housing, agriculture, and manufacturing
Rebuild trust between financial institutions and its global citizens
Reduce dependence on unregulated, unsafe remittance channels
Ntare Financial’s Role: The Diaspora Concierge
Through FDBS, Ntare Financial will serve as the official diaspora contact and ambassador, offering:
1-on-1 onboarding support (Zoom, WhatsApp, email)
Customer issue resolution and follow-up
Real estate and investment concierge services
Group savings programs with accountability
Education webinars and financial town halls
We are not a bank—but we’re what banks wish they had: consistent, accessible, community-trusted diaspora infrastructure.
The Bigger Picture: Jobs, Trust, and National Development
FDBS isn't just about banking—it’s a nation-building tool. Through a proposed Diaspora Financial Services Program (DFSP), we aim to:
Create 2,000 new customer service and fintech jobs
Digitally onboard 50,000 diaspora Ugandans by 2027
Mobilize over $300 million in diaspora-led investment
Offer protection, transparency, and true inclusion to every Ugandan abroad
We call on diaspora banks, development partners, and investors to consider this shift—not as a handout, but as an engine of financial transformation.
Final Word
The diaspora has always shown up in a personal capacity. Now it's time to build systems that show up for them.
At Ntare Financial, we're not waiting for institutions to catch up. We’re building them—with First Diaspora Banking Services as the foundation.
Because diaspora banking should be simple, secure, and smart. And it should finally serve the people who serve this country from abroad every single day.
🏛️ Powered by Ntare Financial | In partnership with Tukole Business Network & First Diaspora Bank