Challenge
The UN has designated over 68 million people as forcibly displaced, with another 100 million at risk. Often their only option is to forfeit value or carry cash across borders, which is dangerous, inconvenient, and expensive to exchange. Refugees often rely on remittances but lack a way to receive them safely. Lack of access to their own assets, friends and family willing to send money, and the formal financial system puts refugees at a disadvantage, causing them to lose their economic identity.
Description
Leaf is a virtual bank for vulnerable populations crossing borders. Leaf stores and transports assets across borders from a mobile device—no smartphone required. Refugees/migrants can journey without cash. Friends and family abroad can contribute into the Leaf customer’s account. Leaf protects customers’ savings through blockchain technology without exposure to cryptocurrency. Leaf ultimately creates an economic identity by increasing customers’ access to funds and decreasing their dependency.
