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This was an important project: the Afghan economy runs on cash and only 10% to 15% of citizens have a bank account. APS aimed to help Afghanistan become less dependent on cash, make economic transactions more secure and efficient, and bring real banking to more people. And Khademi says he acted quickly before the US withdrew its forces and the Taliban took over.

Now, as chaos continues to develop in Afghanistan, the project has stalled and cash is running out before any viable alternative can be implemented.

But a different conclusion can be reached, says Khademi: Afghanistan was perhaps only a year or two away from having a 21st-century digital banking infrastructure that could handle even if cash ran out. He says his team is “very determined and hardworking” and regularly works up to 17 hours a day to support rapid growth. “They were so passionate about getting the economy back on its feet”

“We were hoping our efforts would pay off,” she says through tears. “Everything seems to be in vain, everything we do. It seems like a dream, but now it will never come true. ”

frozen assets

The cash crisis is not a coincidence. Most of the previous Afghan government’s assets were held in offshore accounts, which have since been frozen to prevent access by the Taliban. According to former Central Bank Governor Ajmal Ahmady. The US chose to prevent the Taliban from seizing other funds, which are on the Treasury Department’s sanctions list. Freezing the Afghan government’s cash reserves and cessation of planned cash shipments. Many Afghans had been waiting for such a situation for weeks, and long queues formed at the banks as citizens ran out of money due to fear of the future.

ATM activity skyrocketed. “Friends [who work in banks] “Normally, he said they were doing hundreds of transactions a day, they were doing thousands,” says Ruchi Kumar, a journalist who contributed to the MIT Technology Review and worked in Kabul for eight years but had recently fled the country.

Problems arising from lack of cash are increasing. The US dollar is declining, the value of Afghan money is falling, and the price of essential goods is skyrocketing, according to Khademi. Cash stays in circulation—Afghanistan’s sizable informal banking system, Run through local unlicensed currency traders. Sources say they are still operating, but without banking activity the money supply will soon tighten.

Some strangers running to fill the void online fundraising campaigns, while others suggested that cryptocurrency could enter the void.

However, it has become more difficult to bring money into the country from abroad. Western Union, the world’s largest money transfer company, suspended services in Afghanistan and NBC He reported that MoneyGram has also ceased operations there. Meanwhile, some foreign crowdfunding websites like GoFundMe were later accused of “disloyal” behavior. hinder some fundraising efforts time for country letting others progress.

“I didn’t think this day would come”

While digital alternatives have largely failed to fill the void left by the cash crash, there have been some windows of opportunity for alternative services to help.

Journalist Kumar says vulnerable Afghans use services like WasalPay, an online payment system for electricity bills, to keep their phone loans high.

He uses this to send money that people in distress can use to stay connected. Its network includes journalists, activists and human rights defenders; They can use WasalPay to access funds from outside the country, whether from individual donations and contributions or from larger sources such as the International Women’s Media Foundation.