In recognition of Global Recycling Day on March 18, beverage company Coca-Cola South Africa and blockchain-based supply chain and economic passport platform BanQu are rolling out a payment platform to financially empower informal waste reclaimers and buyback centers in a boost to the local recycling sector.
Global Recycling Day highlights the important role that recycling plays in preserving precious primary resources through a circular economy and in securing the future of the planet. “Waste reclaimers who collect waste packaging perform one of the toughest, yet most important jobs in the circular economy and, up until now, they have remained mostly invisible and unbanked. This innovative blockchain-based solution provides a platform to financially empower waste reclaimers and small buyback centers across South Africa,” says Coca-Cola Africa sustainability director David Drew.
BanQu creates a permanent, personal record of the transactions for each waste picker, enabling them to demonstrate their earnings to access credit. It also enables cashless transactions that reduce the risk associated with cash to both reclaimers and buyback centerss and enables direct financial support for waste reclaimers. “BanQu’s online automated supply chain tracking and payment system uses blockchain technology to track and trace recycled material across the value chain, providing price transparency for both buyers and sellers. Reclaimers don’t require expensive smart phones - the system sends a simple SMS when a payment is processed,” explains BanQu CEO Ashish Gadnis.
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