Visa Inc. and NetHope, a consortium of more than 40 humanitarian organisations, have announced the five recipients of the Visa Innovation Grants Program. The grants will help leading development organisations modernise the distribution of payments related to microfinance, agriculture, health, and emergency relief.
Every year, billions of dollars in cash payments are distributed to people in need through emergency relief efforts, benefit stipends, conditional cash transfers, microfinance programs, and other development initiatives. Digitising these payments, through mobile phones or other electronic methods, not only improves security and speeds distribution, it also can promote financial inclusion by providing recipients access to broader financial services, including savings and electronic payments tools.
The group of five grantee organisations includes: Agribusiness Systems International (ASI), Freedom from Hunger,International Federation of Red Cross and Red Crescent Societies (IFRC), Mercy Corps, and Pathfinder International.
“Around the world, humanitarian and development organisations are delivering important programs that are tackling poverty and helping improve lives,” said Douglas Sabo (@DSabo), head of Corporate Responsibility at Visa Inc. “We have heard the call from these organisations for assistance to modernise the way they distribute funds by shifting to electronic payments, allowing them to be even more efficient and effective. We are proud the Visa Innovation Grants Program can help enable this transition.”
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