Coca-Cola South Africa | March 29, 2021
Coca-Cola South Africa and BanQu have Joined Forces in Pursuit of a Truly Circular Economy
Using on-line supply chain tracing and tracking for recycling process of packaging waste.
BanQu CEO and founder Ashish Gadnis works tirelessly to help pursue a circular economy. An economy that is truly circular is one that embodies recycling and sustainability in order to ensure a better future. With the power of BanQu’s innovative blockchain application and through a powerful partnership with Coca-Cola South Africa, we find ourselves one step closer.
“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 centres across South Africa,” says Coca-Cola Africa sustainability director David Drew.
A large group of the population in Africa collects packaging waste for a source of income. Many of them rely on waste reclaiming to feed their families and clothe their children, and are not able to obtain formal employment or work elsewhere. The BanQu application enables a personal, permanent transactions record for these informal waste reclaimers.
More than 300 waste pickers and 4 900 transactions have been recorded by the system since its launch in February. Totaling over 200 000 kg of recyclables.
“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.
The ability to conduct cashless transactions negates risks associated with cash for both reclaimers and buyback centers. Through its integration with mobile money applications, the payments solution also allows reclaimers to store their earnings in secure e-wallets or withdraw cash from automatic teller machines.
The record created through the use of blockchain and BanQu’s technology allows waste reclaimers to demonstrate their earnings and obtain access to credit, bringing them more opportunity. The ability to access and prove their financial history through the record validates their existence in a global supply chain.
Above all else, the application gives waste reclaimers a place in the economy and promotes their financial inclusion. Making the unbankable, bankable.