Nuspay™ DC in the Community
Nuspay’s robust platform is equally adept at empowering the community. In further continuation of the one of the biggest MFI community transformation programme in Bangladesh, being tested as a Global Pilot, Nuspay’s DC is geared to play a pivotal role in a major G2P ( Government to People) proramme augmentation being tried on the ground now. Under the Digital Currency (DC) in the community project, Nuspay™ has Micro Savings, Micro Insurance and Micro Payments under its financial instruments scheme.
In the G2P segment, with the spread of the access to payment infrastructure in conjunction with the ICT proliferation, the combination becomes a potent channel for Benefit and Welfare Transfers.
All these financial instruments projects and the empowerment of the community work go hand in hand. The Nuspay™ platform opens up the transaction channel leading to induced micro savings, which hitherto the people at the bottom of the pyramid were used to keep under their mats only. Now they have channels to store their savings at a place under their control, which is discernible, retrievable and easily disposable in case of dire need. From micro savings leads to micro Insurance as people move up in their living standards.
Nuspay™ DC fits in perfectly in the Benefits Transfer scheme. Larger economies like Brazil, India have provided for the Digital Safetynet by massive public spending. But with the harnessing of the community in the payment infrastructure in place by Nuspay™, Governments, Regulators, Banks & FIs taking the lead role in such conduits are easily using the current infrastructure as a platform to transfer the benefits to the registered members, recorded with the updated KYC for the purpose, avoiding costly duplication.
Nuspay’s DC in the community project brings in a multi stake holder approach for the large community based projects where the Banks, the Insurance companies, the Government welfare departments etc. work together and create a win-win situation for all , as there is no need to waste time and money for looking for other digital channels.