National Cash Transfer Co. Launches Operations in Yemen
Global, Northern Africa, Yemen
National Cash Transfer Co. (YCash) was launched last month as the first financial company specialized in Humanitarian Transfers and other financial services licensed by the Central Bank, in MENA region. Since early 2015, Yemen has endured conflict and being the worst humanitarian crisis in the world where in 14.3 million people in acute need for humanitarian assistances. Fighting has devastated the country’s economy, destroyed critical infrastructure, and led to food insecurity verging on famine causing 80 percent of the population to be “at risk” of hunger. 71 percent of the population are under poverty line and more than 40 percent of Yemeni households are estimated to have lost their primary source of income.
In addition, financial institutions coverage is critically limited covering only three percent of the populations and due to that, according to the World Bank, only one percent of Yemenis have savings in financial institutions while 6 percent of adults have bank accounts. Humanitarian Transfers service helps the financial service providers to meet the requirements and commitments of humanitarian actors decreasing the cost of beneficiaries when reaching to their entitled assistances.