Lead is an award-winning fintech solution for refugees that was recently recognized by Fast Company's 2021 World-Changing Ideas Awards. Mobile money is identified as "a digital wallet technology that allows cash to be stored on standard, non-smart cellphones." It is a hugely popular method in East Africa but the variation of plans and services from country to country creates a barrier for cash access when crossing borders. As a money storage fintech solution, Leaf "allows individuals to carry digital cash into Kenya, Uganda, and Rwanda." Co-Founder and CTO, Tori Samples, describes it as "a global Venmo account."
Such trusted fintech solutions are only growing in popularity during the global pandemic—mobile money, for one, has seen an immense increase of 400%, according to Fast Company estimates.
Image Credit: Leaf
Why This Trend Is Growing
- Growing Mobile Money Use in East Africa
- Opportunity for fintech companies to provide innovative solutions for seamless cross-border transactions
- Financial Inclusion for Refugees
- Opportunity for fintech companies to create solutions that ensure access to digital cash for refugees
- Increasing Popularity of Trusted Fintech Solutions
- Opportunity for fintech companies to create solutions that offer financial security
Industries Being Reshaped
- Fintech
- Fintech companies can build innovative digital wallets that cater to refugees
- Blockchain
- Blockchain companies can explore its potential to provide financial security to refugees
- Mobile Technology
- Opportunities for mobile technology companies to build platforms that cater to cross-border mobile money transfers
