Mercy Corps Will Get Ripple’s Assistance To Help The Unbanked

Mercy Corps will get Ripple’s assistance to find a solution for the 10 million people that are unbanked so let’s read more in our latest ripple news.

Ripple will help Mercy Corps to provide financial solutions for the 10 million people that are unbanked by contributing $10 million to the company in order to create economic opportunities for the vulnerable populations. The funds will try to ensure that unbanked people will not be left behind in the fintech revolution. The initiative also includes investments in fintech startups based in the Global South and Latin America region.

.@mercycorps takes the stage at #RippleSwell to discuss how it’s expanding financial inclusion and increasing economic empowerment globally. Watch live today at 1:30am and 6am PT. https://t.co/oGvrSab6oh

— Ripple (@Ripple) October 15, 2020

The blockchain-powered remittance network Ripple will contribute $10 million to help Mercy Corps which is a non-governmental organization which specializes in “creating economic opportunities for vulnerable populations” to bring the digital finance to unbanked people as the company announced, as Scott Onder the senior managing director commented:

Blockchain-powered remittance network Ripple will contribute $10 million to help Mercy Corps, a non-governmental organization (NGO) that specializes in “creating economic opportunities for vulnerable populations,” to bring digital finance to millions of unbanked people, the company announced on October 15.

“The existing financial system is fragmented, antiquated, and exclusionary–leaving 1.7 [billion] people unbanked and disproportionately excluding women. Emerging fintech, crypto and blockchain technologies have the potential to radically transform it, but there are substantial risks for the world’s most vulnerable people if their needs are not taken into consideration as these new technologies are designed and deployed.”

He added that the NGO plans to provide solutions for global resources and reach “to ensure community voices that are heard and vulnerable populations that are not left behind in the fintech revolution.” Ripple which is also a nonprofit focused on social ventures will help the NGO to implement a solution that will leverage digital financial technologies by including distributed ledgers, digital assets and crypto-assets. In three years’ time, the organizations plan to bring a large number of people in emerging markets into the economy of the world.

Ripple and Mercy Corps Ventures work on different pilot projects and plan investments in the Global South and Latin American fintech startups. Ripple’s contribution will be put towards various educational programs to help the company to address the financial challenges that are faced in these regions and apply financial solutions with the goal of reaching 10 million people in the next ten years.