Crypto for refugees
The world’s first refugee camp bank has seen strong uptake in Malawi. The New Finance Bank launched in the Dzaleka refugee camp – made up of displaced Congolese, Rwandans and Burundians – providing regular banking offerings such as remittances and ATM services, while also dispersing micro loans.
NFB hires refugee agents to go out into the communities within the camp and bring the banking services to their attention. The bank has been able to build a footprint to reach all 40,000 residents.
An estimated 5,000 refugees at Dzaleka own various micro businesses ranging from grocery shops, barbershops, saloons, restaurants to poultry operations.
Via a partnership with Microsoft and its App Factory initiative, Dzaleka refugees are also able to build their own apps within the camp. To date they have developed an app that they use to share information about food distribution days.
NFB is a unit of Luxembourg-based fintech MyBucks. Earlier this year MyBucks allied with Naga Group for a strategic partnership linking MyBucks’ apps with Naga’s cryptocurrency technology. MyBucks is offering Naga’s crypto wallet to its customers enabling them to to send and receive payments via email.