CARE International
CARE International and Binance Charity Foundation piloted the use of stablecoins to deliver cash assistance to COVID-19 impacted communities in Western Kenya.
Website: https://www.care.org/our-work/womens-economic-justice/blockchain-and-crypto-at-care/
HQ: Nairobi, Kenya
Active Markets: Kenya
Problem Addressed
Humanitarian aid disbursement can be an opaque process. Delivery of funds can be impeded by a lack of transparency and administrative frictions that can slow the disbursement process for impacted communities in need. These frictions sometimes prevent delivery of aid by three to six months, and at times even longer. This can create critical lags in the receipt of aid in the wake of disasters, delaying rebuilding and protracting distress experienced by people, communities, and businesses waiting for support.
Project Description
In 2022, CARE International in Kenya partnered with Binance Charity Foundation to leverage the network’s BUSD stablecoin to deliver cash and voucher assistance (CVA) to COVID-19 impacted communities in Western Kenya. The CARE International pilot was a nine month project intended to promote economic recovery of Village Saving and Loans Association (VSLA) members following the pandemic. E-vouchers were transferred from CARE to 50 VSLAs using blockchain rails and the Binance BUSD stablecoin, providing timely infusions of support and efficient digital finance tools to rebuild local VSLAs. Trusted local traders were engaged as points of e-voucher redemption.
Progress to date
By the end of the pilot, CARE had delivered e-voucher assistance to 1,217 VSLA members, with commodities offered to participants through 13 different local vendors.
Business Model
Revenue model not disclosed.
Traction
The pilot project created employment opportunities for 10 community based trainers for seven months and delivered KES 13.9 million (over USD 100,000) in voucher assistance to 50 Village Savings and Loans Associations (VSLAs).