Fintech MyBucks Brings Banking to African Refugee Camp
Monday, November 26, 2018
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)