6DOT50

FROM CASH TO DIGITAL MONEY FOR SA’S RECYCLERS AND INFORMAL AGRI PRODUCERS

Untitled-3

6DOT50 and BanQu have partnered to deliver digital money, digital identities and transactional services to marginalised workers and contributors to big brand supply chains.

Smallholder farmers, recyclers and waste pickers, as contributors into the supply chains of big brands, are still unable to open bank accounts. For these individuals, being locked out of the global economy is a reality because they can’t prove their existence in the supply chain.

To date one of the many challenges faced by this group is access to formalised financial services and the absence of any type of economic identity. This, alongside there being no method of accurately tracking their recycling or Agri transactions.

The recycling and informal Agri sector producers and traders in South Africa play a vital role in food security and waste management.  Despite their immense contribution to society and the environment, these vulnerable communities are still stigmatised and significantly marginalised from financial inclusion and this is why an innovative technology is now being made available through a platform integration between 6DOT50 and BanQu.

BanQu started in 2016 as a software-as-a-service platform providing tamper-proof digital economic identities for refugees and smallholder farmers across Africa in way that would bank the unbanked. Over the past 5 years BanQu has become the #1 global platform for transparency, equitability and traceability from the last-mile to the first-mile.

This technology is now set to revolutionise how recyclable materials and Agri products are traded, tracked and traced in South Africa.

With informal waste and smallholder Agri transactions being largely cash based, BanQu have partnered with 6DOT50, a digital money and transactional services platform, using Digital Rands as an alternative way for people to store value and transact without the need to own a bank account, to provide this group with the ability to receive digital payments and access products and services from over 80 000 stores and online retailers using their phone.  Mobile money applications are prevalent across Africa but are still unable to cater for the poorest in South Africa. This ground-breaking integration changes that and unlocks financial empowerment even for individuals who do not own or qualify for a bank account.

One of 6DOT50’s platform objectives is to encourage financial inclusion of the unbanked and underbanked in South Africa. To support this objective, 6DOT50 have deployed a free and dedicated USSD solution that works across all cellular networks to ensure that these users are able to participate even if they do not have an Internet connection or data.

With this partnership, 6DOT50 enables the instant digital payment to supply chain contributors, who can then transact at more than 80 000 shops and online retailers nationally, buy airtime and data, send money instantly to family and friends as well as being able to access cash via a refund at Pick ‘n Pay stores nationally.

For these sectors who  face daily challenges  this new partnership means that the additional risk of carrying hard-earned money as cash is eliminated.

“Adding our transactional services solution to the BanQu Economic Passport has unlocked access to safe and easy digital payments for previously marginalised workers and entrepreneurs . This collaboration will provide access to financial services solutions and improve the financial status of these essential workers without the need for them to own a bank account,” – Warren Venter, CEO and Founder of 6DOT50

“This integration/partnership is ground-breaking on multiple levels as it not only unlocks opportunities for the poorest but also creates market access efficiency for supply chains that otherwise are fragmented. This will transform bankability at the base of the pyramid in South Africa.” – Ashish Gadnis, CEO BanQu

More about 6DOT50

6DOT50 is a digital money and transactional services platform that allows you to store your money, instantly SEND and receive money and PAY for goods and services. Its FREE and doesn’t require you to transact using a bank account. That means no KYC, no FICA, no documents, no red tape.

Whether you are a looking to convert cash to digital money, spend your crypto value or you need to distribute incentives, rewards or commissions to any mobile number, 6DOT50 is your alternative way to pay and get paid.

Go to https://www.6dot50.com/ for more information

More about BANQU

BanQu is the first ever and largest end-to-end non-crypto blockchain (patented) Supply Chain Sustainability platform that global brands use everyday to enable end-to-end transparency and traceability of raw materials, finished goods, carbon credits, forest conservation efforts and waster management. The platform provides proof of ESG, EPR, WRO and Human Rights compliance. BanQu’s Economic Passport creates equity and financial empowerment for farmers (especially women), workers, artisanal miners, SMEs, waste pickers/recyclers living in extreme poverty. It has also become the leading platform for ensuring COVID-19 supplies and vaccines are reaching the most vulnerable nations and communities in the MENA region. BanQu is being used in 57 countries and over 2.5 million last-mile-first-mile household beneficiaries today. BanQu has  offices in South Africa and USA.

Go to https://banqu.co for more information

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest