An Ottawa-based company is bringing an accessible fin-tech solution to Yemen, where the country’s citizens – already facing a dangerous humanitarian crisis – have difficulty accessing financial services.
Telepin Software announced Tuesday it has landed a deal with the National Wallet Company in Yemen to provide a mobile banking solution to support the mostly cash-based society. Yemen, which the United Nations says is in the midst of the world’s worst humanitarian crisis as conflict in the Middle Eastern country escalates, is largely “underbanked,” meaning its citizens do not have widespread access to bank accounts and traditional financial services.
Telepin’s solution, however, creates a digital wallet accessible via mobile phones, even without the need for internet access. Customers can receive, load and send money through these e-wallets. The initiative is supported by major private sector players and 11 major banks in Yemen, according to a release.
Telepin and its partners hope the addition of mobile banking in the country can give the millions of displaced Yemeni a stable financial solution. Vincent Kadar, CEO of Telepin, told OBJ previously that he envisioned his solution as a possible channel for governments to provide direct social aid to their citizens.
"With (the National Wallet Company’s) 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,” Kadar said in a statement Tuesday.