Building for Bharat... another milestone

Our SIM overlay financial inclusion platform is building its way through the micro finance sector. The partnership began a few months' ago with Sa-Dhan, the umbrella SRO for this sector and we getting the government sponsorship for a pilot with a MFI - Samasta and we partnering with them at their national conference last month.

This partnership now expands to other MFI organisations and we working to execute the pilots for them all and helping their beneficiaries go digital, using UPI and other digital payment services on their very basic feature phones. Includes UPI autoPay and EMI collect built over a basic feature phone. With an annual book across 160+ MFI institutions of over INR 120,000 crs, even a 0.5% saving on going digital on collections can change fortunes and take this initiative even deeper to the pyramid.

Additionally, going digital here also broadens the user base and makes lower ticket size EMI collections more economical. Insurances can now be offered to the lowest strata with a weekly "autopay" setup.

Our recent partnership with IDFC First, for UPI and other banking services, would further add to the digitisation focus for this segment. IDFC already has large partnerships with the NBFC's / MFI institutions and this only strengthens their service portfolio to this segment. The additional service offerings for Bill pay, multiple UPI handles, money transfers, merchant payments would go a ling way to the mission - "digital India" and helping the nation reach a USD 5 trillion economy by 2025.

Recent announcements here