TLDR:
- Crown Agents Bank uses technology and data to deliver cash aid to those in need in challenging environments.
- They work with NGOs and charities to overcome challenges in getting funds to remote areas.
In a recent exclusive article in ‘The Fintech Magazine’, Head of Global Payments Mobile Sales at Crown Agents Bank, Nkosi Moyo, discusses how the bank utilizes technology and data to deliver billions of dollars in cash aid directly to those in need in challenging environments. Despite concerns about corruption and diversion of funds, studies show that cash transfers are the preferred method of government intervention in low and middle-income countries. Between 2016 and 2019, the value of cash and voucher assistance doubled, highlighting the importance of these programs.
Crown Agents Bank faces various challenges in delivering aid, including lack of infrastructure, corruption, and political unrest. However, they have successfully collaborated with charities like GiveDirectly to overcome these hurdles. By leveraging mobile transfers and modern payment infrastructure, Crown Agents Bank has been able to reach vulnerable communities in remote areas more efficiently and securely.
The bank’s focus on social impact drives its efforts to drive financial inclusion and strengthen local economies. Through a digital transformation journey and collaborations with technology providers, Crown Agents Bank has been able to streamline processes, improve efficiency, and enhance customer experience. Their data-driven approach allows them to provide clients with clear guidelines for payments and insights into transaction trends and challenges.
As the demand for instant cross-border payments grows, Crown Agents Bank is exploring digital currencies and smart partnerships to meet the evolving needs of NGOs and beneficiaries. With a commitment to finding more efficient solutions and delivering value to remote parts of the world, the bank continues to play a vital role in providing aid to those in need.
