Nis, August 01, 2018 – Starting today, a unique pilot-project "Blockchain-based diaspora remittances in the city of Nis" has officially begun. The initiative enables quicker and safer money transfer from abroad to the recipients in Nis, with a significantly lower commission. The project is implemented in cooperation with the City of Nis and the Local Economic Development Office. Media and Reform Center Nis is responsible for the promotional campaign.
The project is open to all the citizens from abroad who send funds to their loved ones in Nis. A sender from abroad simply logs in to a secure platform donated by the AID: Tech company, and sends funds in the amount of 100 dollars or 100 euros using blockchain technology. Once the payment is made, the recipient in Nis gets a QR code on his mobile phone or email address. By electronic readout of this code, the recipient in Niš can use the received funds to purchase goods in selected grocery stores in Nis*, and to pay the Public Utility bills.
More detailed information is available at the portal www.sigurnoilako.rs. UNDP and the City of Niš invite interested persons who wish to participate in the project, either as diaspora senders, or as recipients from Nis, to apply via this portal by August 31, 2018.
Having in mind the project's innovative approach, a public information campaign is organized in Nis throughout the August, to familiarize the citizens of Nis about the possibilities offered by this new technology for transferring money from the diaspora in a simplea and safe manner, with a commission which is reduced, from the current ones of up to 10%, to up to 3%.
The senders from abroad, pilot-project participants, will be able to make the payments in the period from 1st to 30th September 2018. Receivers in Nis can use the funds from September 5th, and not later than October 15, 2018. The deadline for the use of funds is 5 days from the receipt of the payment, that is, obtaining the QR code.
This pilot-project aims to contribute to reduced inequalities, and the achievement of the Sustainable Development Goal number 10.c, which states that by year 2030, transaction costs of migrant remittances should be reduced to less than 3 per cent, while remittance corridors with costs higher than 5% should be eliminated.
To find out in more detail about the "Blockchain-based diaspora remittances in the city of Nis" initiative - read the following Blog post.