IFC Partners with Cashi to Digitize Payments and Drive Financial Inclusion in Chad
The International Finance Corporation (IFC) has announced its intention to partner with fintech platform Cashi in order to increase the usage of digital services in Chad. This development will provide an interoperable and low-connectivity platform in assisting individuals and SMEs access modern financial services.
Cashi is a globally recognized platform that integrates banks, telecom companies, and financial institutions into a single ecosystem by helping customers and businesses to make seamless transactions through their mobile phones, SMS- based tools and point-of-sale devices.
In the words of Cashi CEO Tarneem Saeed, he stated that;
The collaboration will allow the business to provide "practical financial tools" that are appropriate for daily usage, even in settings with poor internet.
Chad has an approximate number of 10-15% individuals that have access to formal banking or mobile payment services ,compared to about 30% throughout sub-Saharan Africa, in which this project aims to fill the gap in financial inclusion. According to IFC, its assistance will enable Cashi's technology to be designed for regional circumstances while working with regulators and ecosystem partners to foster adoption and foster trust.
This payment system will expand its services to rural communities reducing financial exclusion and supporting sustainable growth.
For small and informal businesses, which form the backbone of Chad’s economy, the shift toward digital payments is expected to reduce cash-handling risks, lower costs, and improve access to financial services, ultimately supporting job creation and economic growth.
About Cashi
Cashi is a Sudan-founded fintech platform that is developed for users to enjoy digital payment and financial services. The company was launched in 2022, enabling users to send and receive money, pay bills, and access financial services through mobile apps and agent networks.
The platform operates through a network of merchants called Cashi Points from local shops that act as mini financial hubs where users can pay for services, transfer money, and cash in or out.