With war currently ravaging Eastern Ukraine, millions of people have been displaced and need help in many different ways. Digital Life Bank has already commenced with their plans to provide access to other essential banking services, as well as aid in the form of humanitarian assistance. This will go a long way in helping those who have lost everything during the conflict.
Following a meeting between the representative of the European Union (EU), the United Nations (UN), and the Digital Life Bank CEO that was held this week, it was announced that the bank will henceforth provide Ukrainian Refugees with all the support they can offer including which include offering payment services and easy access to cash. This will help them with everyday needs such as food, shelter, and healthcare. The bank will also offer them financial services, such as loans and remittances.
The initiative is a joint project of the European Union (EU) and the United Nations (UN). It is called the Humanitarian Financing Facility for Ukraine and was launched in January of this year. The objective of the project is to provide financial assistance to vulnerable populations, including Ukrainians who have been displaced by the invasion.
Along with the payment services that would be made available for the Ukrainian Refugees, Digital Life Bank will also take a step further to assist in the rebuilding of Ukraine. The bank has received donations from different organizations, such as the European Union, World Bank, and NATO. The money will be used to help refugees in need get access to essential services such as food, shelter, health care, and education. The bank is open to all Ukrainians who are displaced by the invasion. Applicants must have a valid passport and be in need of humanitarian assistance.
This is an important initiative that will help many Ukrainian refugees get back on their feet. It will also provide them with the financial resources they need to rebuild their lives.
Commenting on the situation, CEO of Digital Life Bank, Demitri “The bank is an advocate of peace and we believe in building bridges between people, regardless of their differences. We are happy to contribute to this important humanitarian initiative. This will help many Ukrainians who have been displaced by the invasion. It will also provide them with the financial resources they need to rebuild their lives.”
“Transfering money through the bank is usually very slow or/and expensive. In this light, we hope this initiative provides a simpler alternative. It is important to us that we help these refugees who have been affected by providing a service that gives them easy, quick access to their money.’ He added.
Digital Life Bank will enable those displaced refugees to access their money by linking the app to their Ukrainian bank account, this will open the doors for easy access to cash in different currencies. The various accounts available on the platform can be used to receive or send money as well as exchange currency. The Digital Life Bankcard has been designed for use anywhere in the EEA and Ukraine with a limit of €1,500 a day via outbound bank transfer.
There is also a peer-to-peer feature available for additional transfers. The process to set up an e-money account in the EEA is usually very strenuous and requires lots of documentation including proof of a right to reside in Europe. It is obvious that many of these refugees will not be able to provide some of the documents required. Digital Life Bank has now relaxed the entire process to allow these refugees to set up an account quickly and access their funds.
Relaxing the process, however, does not mean that the bank has not taken the necessary measures to ensure that your cash is safe and secure. Also, the bank ensures that the regulatory requirements are properly followed and satisfied.
Digital Life Bank will also show support by waiving transfer fees for FX transfer or extra charges for exchanging the Ukrainian Hryvnia into another currency.