NABA Member of the month is VipiCash, the start-up recently raised capital from different investors. VipiCash attracted many interested investors and was also featured in Shifter, an independent online newspaper about Norwegian technology companies in the new economy.
VipiCash is a transparent and trackable digital payment system for remittance and aid. The start-up is a digital marketplace for vendors, money senders and receivers. VipiCash offers a solution to reduce corruption by donating specific goods and services instead of cash, remove overheads and distribution fees by cutting out the middleman, and ensure women and children receive food, sanitation and healthcare by locking money into these services.
More than US$42 billion is sent to Africa each year in remittance and aid
Up to 40% of this is wasted along the way due to transfer fees, overheads, administration, distribution fees, corruption and misuse of money
This means far less money is spent on basic needs such as food, school fees, medical help, and shelter.
This is not sustainable, hence the creation of VipiCash.