The Positive Impact of Moving Money for Social Profitability
Using the power of a brand to influence change
Western Union, one of the leaders in global payment services, has created a campaign for Social Profitability that would empower people around the world and kick-start a chain of good deeds to make the world better for others.
Western Union pledged to award grants that would help fund projects aimed at making a lasting, favorable change for individuals and communities across many continents.
The Western Union Chain of Betters competition will award US$1000 (or local currency equivalent) for winning selfless ‘betters’.
To kick-start the campaign, some grants have already been awarded:
- In Mexico, a group of farmers now access pedal-powered mills to grind corn.
- In India, the grant paid for a boat that will allow a village’s school-aged children safe access to a school.
- In Ghana, a hospital is now “Bettered” with a new power generator.
The first phase of the competition activated global social responsibility by inviting adults from 20 countries to go to the chainofbetters.com website to nominate ‘betters’, with the expectation that the nominator would make their idea come to life.
Nominations required a maximum 150-word description of how the idea would make the world a better place for others with US$1000. Ideas are judged based on the extent they express a selfless good deed, bring positive and lasting change for a number of people, have the potential to do something of value in their community, inspire more people, serve others and make the world a better place.
The Chain of Betters competition highlighted the impact that moving money has on millions of lives around the world. More than 75 percent of the $580 billion in global remittances are paid out in developing countries, according to the World Bank.
Western Union Chief Marketing Officer, Diane Scott says, “We see this first hand across our consumer-to-consumer (C2C) and our business-to-business (B2B) customer segments.
Every single C2C transaction we process involves two individuals – a sender and a receiver, often located in diverse parts of the world – some of them are banked and others under-banked or un-banked. They send back to family and loved ones for regular support including education, gifts, emergencies and financial payments. “Our C2C customers are what we call double-belongers – they have the ability to make a difference in multiple places at once.”
“Our B2B customers are business pioneers—from start-ups to small-and medium-sized enterprises – and have a need to quickly and easily move money around the globe in different currencies. They work hard to make their local business successful which in turn propels the global economy.”
The Western Union Chain of Betters competition celebrated this movement of money that helps stimulate the economics within a household, a business and the broader global community.”