One of the main ideas behind Ripple is to expand global financial inclusion to everyone – not just those in rich countries. The existing financial system is outdated, broken, and poorly designed to meet the needs of those in emerging markets that financial services providers too often overlook. As the pandemic drives an increasing shift towards digital payments, the number of those who do not have access to affordable financial services is growing. Much is at stake.
Through Ripple Impact, Ripple is working with innovative NGOs, universities and industrial partners to bring the 1.7 billion unbanked adults into a modernized, global financial system that leverages the promise of financial technology.
Today, Ripple is proud to announce a $ 10 million contribution to Mercy Corps to expand financial inclusion and fuel economic empowerment worldwide.
Mercy Corps is a proven leader among NGOs in creating economic opportunity for vulnerable populations through the use of new and innovative technologies. In the past year alone, Mercy Corps programs have helped nearly 28 million people and its impact investing arm Mercy Corps Ventures invest in and work with innovative social entrepreneurs to deliver solutions to the world’s toughest challenges, including financial exclusion Find.
Working with Ripple and Rippleworks – a nonprofit that Chris Larsen co-founded that supports social ventures across multiple sectors – Mercy Corps Ventures will support solutions that leverage digital financial technologies like distributed ledgers, digital assets and cryptocurrencies to serve large numbers of businesses attract people in emerging countries to the global economy through a three-year initiative. Ripple has previously worked with Mercy Corps Ventures to define pilots and invest in young fintech startups in the global South and Latin America. Ripple’s contribution will also be used to support the training of the Mercy Corps sales force to deal with the financial challenges in these regions and apply digital financial solutions. With this, the Mercy Corps aims to reach 10 million people over the next ten years.
“The existing financial system is fragmented, obsolete and exclusive. 1.7 billion people have no bank details and disproportionately exclude women. New fintech, crypto and blockchain technologies have the potential to radically change them. However, the world’s most vulnerable people are at significant risk if their needs are not considered in the development and deployment of these new technologies, ”said Scott Onder, senior managing director at Mercy Corps Ventures. “We will use our global resources and ensure that the voices of the community are heard and that vulnerable populations are not left behind in the fintech revolution. ”
The contribution from Ripple and Rippleworks will also support the launch of FinX, a joint initiative by Mercy Corps Ventures and Mercy Corps to redefine the existing financial system and form a coalition to work to make this new system available to the people is inclusive without and among banks.
Today’s partnership is an important step in Ripple’s long-term commitment to global financial inclusion. Ripple is proud to partner with innovators like Mercy Corps, combining our expertise in building financial products with the market insights and expertise of an effective global development organization and its network of business-minded entrepreneurs.
To learn more about how Ripple is accelerating financial inclusion, visit Ripple Impact.