MICROCAPITAL BRIEF: YCash Partnering with Red Cross on Digital Payments, Offering Door-to-door Service Due to COVID-19 Pandemic, Conflict in Yemen

YCash, a company in Yemen also known as the National Cash Transfer Company, recently partnered with the International Committee of the Red Cross (ICRC), a humanitarian organization based in Switzerland, to provide cash transfers to ICRC clients “through mobile teams, fixed outlets and point[s] of sales.” The armed conflict in Yemen, which began in 2015, has forced “millions of households [to] rely on humanitarian assistance to meet their basic needs.”

Due to the disruptions caused by war as well as the COVID-19 pandemic, YCash recently began “moving to the beneficiaries,” offering door-to-door service. The firm, which acquired the Floosak digital wallet service in December 2020, already had been offering services via mobile phones and debit cards. These services include domestic payments, international remittances, loans, savings, and the topping up of credit on mobile accounts. YCash was established in 2019; financial data on the firm remains confidential.

By Aakansha Shenoy, Research Associate

Sources and Additional Resources

Press release on YCash partnership with ICRC, published by Findev
https://www.findevgateway.org/news/ycash-enrolls-new-partnerships-humanitarian-agencies-and-deploys-humanitarian-transfers

Press release on YCash door-to-door service, published by Findev
https://www.findevgateway.org/news/ycash-door-door-payment-method-response-covid-19-and-humanitarian-context-yemen

Press release on the launch of YCash, published by Findev
https://www.findevgateway.org/news/national-cash-transfer-co-launches-operations-yemen

YCash homepage
https://ycash.company

International Committee of the Red Cross homepage
https://www.icrc.org

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