Monday
November 26
2018

Fintech MyBucks Brings Banking to African Refugee Camp

At a refugee camp in Malawi in southeast Africa, a fintech and its bank subsidiary are helping to turn a seemingly hopeless situation into the beginnings of a prosperous community.

MyBucks has set up a branch of its New Finance Bank subsidiary in the camp, which is said to be the first of its kind. The bank provides mobile banking, financial literacy training, professional training, group loans and personal loans. It opened in April and it’s already profitable.

It’s proof that it’s possible to give refugees financial help, even if they have no identity documents or assets.

 

Photo: Natalia Cieslik / World Bank

 

 

Source: American Banker (link opens in a new window)

Categories
Finance
Tags
financial inclusion, fintech, refugees