The relatively new neobank, Aidbanc, which started operating in 2019, is on a mission to empower NGOs with the digital banking and spend management tools they need to disperse aid in a cashless world where it’s needed most.
Aid, when distributed correctly, has a tremendous impact on the people and communities in developing countries. Over the past 50 years, more than $1 trillion in aid flowed from donor countries into developing countries to help solve some of the most challenging problems faced in our lifetime. From food security to economic development to climate change, aid plays a critical role in lifting millions up from poverty and helping them achieve self-sufficiency.
Global non-profits experience a unique challenge when it comes to managing their finances, as local bank accounts must be established in every country they serve. Furthermore, a majority of payments and expenses happen offline and in cash which makes tracking and reconciliation a challenge for most NGOs. With financial data siloed across systems and countries with no interconnectivity, it is not only burdensome for NGO leaders to manage finances, it also creates a lack of transparency.
Digital banking tools to help aid disbursal
AidBanc empowers NGOs with digital banking and spending management tools to seamlessly disburse aid in an increasingly cashless world. With AidBanc, NGOs have the ability to manage global spending from a single FDIC corporate account and make local payments to bank accounts, mobile wallets, or in cash in 175 countries — all while offering real-time visibility of expenses and financial position globally from a single dashboard.
What separates AidBanc from other neobanks in the market? One major component: it contributes to social good. By providing a streamlined banking process non-profits can better focus their energy on the service they provide to global communities. Meanwhile, donors can easily track how aid dollars are spent down to the penny. By knowing exactly where the money is going, this provides donors with an incentive to continue, or even increase, their support of the respective organization.
Business from personal experience
AidBanc was co-founded by Maf Sonko and Sesie Bonsi in 2019. Maf immigrated to the United States from The Gambia in 2000; Sesie’s parents are from Ghana. Their backgrounds offered an intimate awareness and appreciation of international aid as they have both seen first-hand the impact aid projects can have.
Together, they have been fortunate to be exposed to the aid space through individual projects and from family members who work for or have worked for some of the largest aid organizations in the world; the Catholic Relief Service, Save the Children, and the U.N., to name a few. Their vision is to make aid 100% efficient in order to maximize the actual impact on local communities across the world.
Through their passion, they aim to build AidBanc as part of the 2020 Class of the Techstars & Western Union Accelerator. The companies involved in the 2020 class are led by diverse founders from around the world including the Philippines, Egypt, Gambia, Hong Kong, Indonesia, India, Israel, Nigeria, Singapore, Spain, South Africa and the United States. This is a group of founders and entrepreneurs addressing challenges across the financial services system that have the potential to make a lasting impact in creating a more equitable and inclusive global financial system. Each of these 10 companies are tackling systemic industry obstacles and embody what it means to drive inclusive innovation.
The post New Global Non-Profit Neobank Aims to Lead Efforts in Aid appeared first on The Fintech Times.