Universal Basic Income (UBI) is a government-guaranteed payment program for people in need. Its intention is to provide enough money to cover basic living expenses and improve recipients' financial security.
Like the UBI, the idea of Social Income is based on regular payments in the sense of securing the minimum subsistence needs. While the unconditional basic income is financed by the state, social income sees itself as a solidarity initiative among people.
Direct Cash Transfers are payments made to eligible groups of people in need, often by governments or NGOs. They can be provided either conditionally or unconditionally. Cash transfers allow recipients to obtain a range of goods and services of their choice directly from local markets and service providers.
Social Income's direct cash payments are not dependent on political decisions, government budgets or taxes. The primary goal of Social Income is the voluntary and direct redistribution of wealth between private individuals.
Mobile banking is a service provided by a bank, mobile provider or other financial institution that allows its customers to conduct financial transactions remotely using a mobile device such as a phone or tablet. Africa is leading the way in mainstream adoption of mobile banking.
Social Income is aimed at people who live in poverty and whose access to financial services can be guaranteed via mobile phone.
The U.N.’s first sustainability goal calls for an end to poverty in all its forms by 2030. It also aims to ensure social protection for the poor and vulnerable, increase access to basic services, and support those harmed by social, economic, and environmental shocks of any kind.
Reducing inequalities and ensuring no one is left behind are integral to achieving the Sustainable Development Goals. Despite some positive signs toward reducing inequality in some dimensions, such as reducing relative income inequality in some countries and preferential trade status benefiting lower-income countries, inequality still persists.