Telepin Selected to Power Economic Development and Humanitarian Initiative in Yemen
Yemen’s National Wallet Company seeks Canadian fin-tech’s help to launch financial inclusion project.
For the 24 million people displaced by escalating hostilities, access to humanitarian aid is their only protection against deadly famine. Telepin and ONE, the go-to-market brand by the National Wallet Company (NWC), hope to improve that access and give Yemenis more control over their daily lives.
ONE will soon launch the country’s first mobile money platform, designed to provide cashless e-wallet services to the Yemeni population. In a country where more than 90 percent of the population don’t have a bank account, this platform will give users an alternative to the instability of cash. The GSMA notes the potential impacts of such an initiative in a 2017 report, which explains how mobile money deployments “support financial inclusion, help to build resilience, and most importantly, can better serve displaced populations worldwide.”
The platform, developed by ONE and Telepin, will allow customers to load and withdraw cash, send money to their friends and family, receive salaries, pay bills and most importantly transact with local merchants — all through an innovative platform accessible on both basic mobile devices or smartphones without the need for internet access. The platform’s key partners are Yemen’s largest private companies, who have committed their network of more than 100,000 direct and indirect retailers and distributors in Yemen to support this initiative. Yemen’s 11 major banks also support the initiative and will ensure the widest possible reach across the country, even amongst the most remote communities. This aims to support the financial needs of millions of Yemenis suffering the consequences of this crisis.
As ONE’s CMO Mohamed Hayel Saeed explains, “Working with domestic and international partners, ONE will help bring Yemen’s economy into the 21st century by delivering sustainable, long-term positive outcomes for today’s Yemeni population and for generations to come. We have been working to create an innovative solution to give Yemenis back control over their daily financial activities and to secure their future. We want to reach the last mile and broaden access to financial services to as many of Yemen’s 20 million ‘unbanked’ people as possible.”
Telepin CEO Vincent Kadar is equally optimistic. “The National Wallet Company has built a robust plan to give families reliable financial options in an unreliable world,” he says. “With their vast merchant network and Telepin’s experience developing complex and customized integrations, we’re well on our way towards launching a tool that will have a meaningful and immediate impact on the lives of its users.”