The Better Than Cash Alliance is a partnership of governments, companies, and international organizations that accelerates the transition from cash to digital payments in order to help achieve the Sustainable Development Goals.
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Empowering People One Transaction at a Time: Leading Corporations, Foundations and Development Organizations Form “Better Than Cash Alliance” to Accelerate Global Shift to Electronic Payments
Digital initiative aimed at helping world’s poor
In wealthy countries, most people conduct their financial activity in digital form; money and value is stored virtually and transferred instantaneously with a touch of a button, and the system provides an easy access to a wide-range of financial services. In contrast, most poor households operate almost entirely in the informal economy, using cash, physical assets (e.g. jewelry and livestock), or informal institutions to meet their financial needs.
Leading Corporations, Foundations and Development Organizations Form ‘Better Than Cash Alliance’
Initiative Launched to Accelerate Global Shift to Electronic Payments for the Poor
Alliance Accelerates Work to Transition from Cash to Electronic Payments Worldwide
Government of Afghanistan Joins Better Than Cash Alliance — Pledges to Address Poverty and Grow Economy by Shifting to Electronic Payments
Unlocking the Potential
Grameen Foundation Joins Better Than Cash Alliance; Pledges to Address Poverty by Shifting to Electronic Payments
Kenya is moving towards emerging market status and the government’s focused strategy of creating an electronic payments economy is contributing to its growth. During a reception hosted by the Better Than Cash Alliance at the World Bank / IMF Spring Meetings, Better Than Cash Alliance Managing Director Dr. Ruth Goodwin-Groen asked Kenya’s Dr. Geoffrey Mwau, Economic Secretary, Ministry of Finance how they did it and what advice he would give to other governments.
It’s hard to imagine a more explosive, transformative, and empowering trend than the growth of the mobile phone sector in Africa. In 1998 there were fewer than 4 million phones on the continent; today there are around 800 million—a whopping 80 percent penetration. Compare this to the meager 24 percent of African adults with bank accounts. Experts expect there will be around 1.1 billion mobile phone subscribers by 2017.
As part of its massive humanitarian response to the Syrian crisis, the United Nations World Food Programme (WFP) is rolling out an innovative electronic voucher programme in Lebanon that will allow hundreds of thousands of Syrian refugees to meet their food needs and help boost the local economy.
One Million Low-Income People to Reap Benefits of Digital Money
The Better Than Cash Alliance, hosted by UNCDF, gathered with colleagues at the Consultative Group to Assist the Poor (CGAP) Council of Governors Annual Meeting last month in Urubamba, Peru. The event brought together over 30 international organizations dedicated to expanding global financial inclusion.