Our vision is to touch 1 million lives through financial and business education and micro-funding from MADCash by the year 2024.More than 1.7 billion people across the globe are unbanked and do not have access to financial services they require. In Malaysia, there are 13.7 million who are underbanked, which means they have a bank account but do not actively utilize it and services offered by the bank to manage their financial wellbeing.
This is where MADCash, a Shariah-compliant Fintech ecosystem builder, started operations in April 2020 in Kuala Lumpur, with a mission to convert one-time donations into a ‘perpetual donation’ with the concept of paying it forward. We have created a technology platform that makes this process visible, as we wanted donors to see who their donation is helping at any moment in time.
Furthermore, this platform will be enabling the seemless process of micro-funding application, approval, onboarding, disbursement and repayment monitoring. What also makes the platform truly an essential tool to the success of micro-entrepreneurs who come onboard are the modular and scalable online academy in collaboration with the University of Arizona and business support and networking from women mentors and peers.
By donating as little as RM100 or USD25, you can be part of the solution that enhances financial and social inclusion in the society, as the donation will keep on giving in an endless cycle. Imagine that!
Covid-19 saw the unprecedented hardships faced by women during the lockdown. Micro entrepreneurs survive on a “day to day” income and rely on that to support their families. After the lockdowns, micro-entrepreneurs could not reboot since they lack cash flow and have used up their savings during the interim. They don’t have a credit history or worst still, are blacklisted by traditional financial institutions and have very little access to finance. MADCash is the right product that went live at the right time.We are working towards a world where every woman (and man) have access to capital and can choose entrepreneurship when times are tough as a means to support their families. The philosophy of MADCash – a donation received today helps to fund one woman entrepreneur, and when that woman pays back, it goes to another woman; the donation that keeps on giving. We track the impact that the donation creates, reducing the culture of handouts and dignity to women.