Zain Group has published its annual thought leadership report, at MWC 2018. The report is entitled, 'Saving Lives by Empowering People through Zain Cash'.
The report showcases how Zain Cash, a dynamic and life enhancing mobile banking service, impacts and transforms people's lives, particularly those of the most vulnerable in society. The report draws much of its primary data from examples found in Iraq, with NGOs and humanitarian aid agencies being key Zain Cash users.
The report highlights how shared value and value creation should drive a company's strategy when developing offerings for a market, as it helps sustain the business by creating new ways to achieve economic success.
Zain Group Vice-Chairman and CEO, Bader Al-Kharafi said: "The global spread of mobile technology has elevated society's expectations and demands for an accessible, user-friendly, fast, and effective tool for conducting financial transactions. With its broad scope, rich portfolio and wide range of services, Zain Cash responds to these needs as it plays an instrumental role in empowering individuals by providing everyone with a smartphone access to safe and reliable mobile financial services.
"Iraq is a special and unique case given the instability it has endured for nearly a decade and a half now. Iraqis are proud and industrious people, and in many ways mobile communications has been one of their greatest tools of recovery in this period. We are immensely proud to operate in the country, and we are gratified to see the positive impact innovations such as Zain Cash have had on the lives of millions of regular citizens."
Jennifer Suleiman, Zain Group's head of corporate sustainability said: "This latest report speaks to the versatility of the Iraqi people, and their ability to make more of their circumstances when offered an opportunity to Zain Cash has so many positive knock-on effects for society that we feel compelled to continue expanding its reach and applications so that a greater number of Iraqis may gain access to it and benefit from it."
Yazen Altimimi, CEO of Zain Cash Iraq said: "We understand the increasing importance of mobile phones and Zain Cash's unique value proposition consisting of a nationwide mobile coverage, an extensive agent's network that extends to camp areas, and ability to transfer instantly to suffered individuals made our efforts valuable for many communities across Iraq, especially in disaster relief. Our capabilities have led us to join forces with key NGOs to overcome a shared challenge, with humanitarian agencies hailing the model for its quick delivery, higher transparency and control, and cost effectiveness."
Financial inclusion has proven to be an effective means for reducing poverty and minimising the gap between the poorest and wealthiest segments in society. By providing access to financial services to unbanked populations, a social and economic transformation can materialize in that specific society.