Use-Case Spotlight | Ashish Gadnis (BanQu)

BanQu, Inc. is a for-profit for-purpose company focused on reducing extreme poverty around the world. It was co-founded by Ashish Gadnis, who has 27 years of global business and social entrepreneurship experience and is passionate about the role of gender equity in reducing poverty. In 2014, Ashish experienced how difficult it was for a female farmer to obtain a bank account and how easy it was for him as a man to be recognized by the same bank as the representative told him, “I can’t bank her, but I would bank you.” This is where the name BankQu (Bank You) comes from.

Ashish observed that for farmers in extreme poverty, there were two major issues. The female farmers could not prove their existence in the global supply chain and the traditional systems perpetuate inequities in the supply chain. In 2016, BanQu was founded with blockchain at the core since it would directly address these issues. Blockchain allows these farmers to own copies of their data, resulting in an economic passport. This enables them to be recognized by banks, thus leading to more opportunities for them and their families. Around the world, everyone wants their supply chains to be traceable and transparent, but what makes BanQu different is the element of equity added to supply chains. Traditional systems lack a method for female farmers to build their economic identity because they don’t have access to a verified copy of their own transaction history. This element is needed, not only to ensure that traceability and transparency are valid, but to ensure that everyone in the supply chain, including the farmers can prove their existence. Ashish indicated that if women in extreme poverty can prove their existence in the world and the world recognizes them, they become bankable, and if they are bankable, they can have access to credit or other tools, and they can now be portable so that if they are displaced due to wars or other reasons, they would still own their data. BanQu enables farmers to receive their local fiat currency rather than cryptocurrency, and they are maintaining their history on the blockchain that they will always have access to. With BanQu, the users only have to use the SMS application on their cell phones to participate in transactions, which simplifies the service. BanQu attempts to educate the supply chain so that credibility can be established and corruption can be reduced at the aggregate level, and BanQu ensures that supplies are distributed to the families that deserve them. Gender inequity is also addressed by ensuring that the female farmers have access to their own phones so that they can build their bankability. This helps to empower the women farmers who can take care of other responsibilities such as paying for school fees for their daughters, which in turn perpetuates the cycle of female equity. BanQu currently operates in 45 countries, and as they continue to grow, they are on a mission to become a 100 million dollar company that enables 100 million people out of poverty.