We seek to partner with local governments, cooperatives, local business networks, NGOs and MFIs who can benefit from introducing Sikoba to their communities. We are also looking to work with cooperative banks and development finance institutions to become liquidity providers in the Sikoba Network.
Reach out to discover how the Sikoba IOU system can benefit your business or community by filling out the form or by sending an email to partners@sikoba.com.
Setting up local currencies is a natural use case for SikobaPay. We aim for an easy set-up that will make it possible to start a local currency even for very small communities. Local currencies using SikobaPay can become easily exchangeable with other local currencies using our credit conversion feature. Of course, all standard IOU features of SikobaPay will also be available for users of such local currencies. Read More...
Instead of distributing cash, beneficiaries get a “credit” in SikobaPay, which they can use directly for purchases in participating local shops, while cash withdrawals will be subject to a fee. This will significantly reduce costs of the money distribution. Program beneficiaries & the participating shops will be able to use other SikobaPay functionalities, which can lead to an increase in local trade & small business activity.
Operations of MFIs (Micro-Finance Institutions) are often inefficient and sometimes still paper based. SikobaPay can be used as a tool to automate loan management. By onboarding local stores, cash loans can also be partially replaced by credits on the SikobaPay app, further reducing operational costs. Read More...
Micro-credits can carry very high interest rates and can also be difficult to obtain, especially in remote areas. When artisans and merchants start using their own credit on the SikobaPay platform for local trade, their reliance on micro-credits may decrease. That said, SikobaPay can also be used as an efficient tool to manage a micro-lending operation. Read More...
Instead of distributing cash, beneficiaries get a “credit” in SikobaPay, which they can use directly for purchases in participating local shops, while cash withdrawals will be subject to a fee. This will significantly reduce costs of the money distribution. Program beneficiaries & the participating shops will be able to use other SikobaPay functionalities, which can lead to an increase in local trade & small business activity.
Groups of companies that do business with each other on a regular basis, for example because they are located in the same geographical region, will profit from setting up interco credit systems. Instead of systematically paying each other's invoices, they register invoices in the system and only pay residual balances after periodic clearing. As a result, less bank credit is needed. Read More...
LOCAL CURRENCY PROJECT - Luxembourg
The Beki is the only local currency in Luxembourg. More than 100 local companies accept payments in Beki, and there are over 200,000 Beki in circulation. Currently Beki exists only in the form of paper currency, handling & counting of paper notes is problematic in times of COVID.
Sikoba will implement an electronic version of the Beki “e-Beki”, that can be used via the SikobaPay mobile app. This will reduce printing costs as well as eliminate the need to handle and count paper notes. In addition, local businesses will benefit from the IOU features of SikobaPay.