A strategic collaboration has been announced between branchless banking and digital network PayNearby and non-profit organisation Grameen Foundation for Social Impact (GFSI) to upskill 150,000 business correspondents (BCs) across India and upgrade them to provide digital and financial services beyond cash-in/cash-out to the underserved last mile population which is a little shy when it comes to using technology.
This will bolster the rural business correspondent counters equipping them with sustainable business solutions and empowering them to become catalysts for positive change at the grassroots level. Additionally, the alliance will focus on generating employment opportunities for women and youth in rural India.
The partnership is looking to serve over six lakh customers with banking and beyond services.
Under the collaboration, PayNearby and Grameen Foundation for Social Impact will be launching a pan-India scale-up project called ‘Scaling Agent Viability and Quality in India’ which is supported by the Bill and Melinda Gates Foundation (BMGF). This initiative is slated to span the next two years, representing a pivotal advancement in bolstering the influence of business correspondents (BCs) in improving financial inclusivity throughout the nation. This will involve diversifying their financial product portfolio beyond conventional cash-in and cash-out services. The expanded product suite will help increase customer retention and empower these correspondents to create additional income streams.
The partnership is crucial as it will focus on empowering women in the financial sector. A strong emphasis will be given to skill enhancement among the BCs and gender sensitivity. The partnership aims to enlist 15,000 female BC agents, promoting gender inclusivity in this sector.
The GFSI will utilise PayNearby’s Distribution-as-a-Service network and expertise to optimize operations. It will also help BCs to offer tailored digital and financial solutions across several domains such as commerce, education, entertainment, credit management and insurance, among others. In addition to enhancing their capabilities, PayNearby will invest in raising awareness and upgrading the skills of this network to enable seamless access to a multitude of digital and financial services through local counters. BCs will be apprised of the financial advantage of diversifying their product offerings and how this approach can yield increased customer loyalty and value.
Talking about the development, PayNearby Founder, MD and CEO Anand Kumar Bajaj said, “We are extremely honoured to work with Grameen Foundation for Social Impact to upskill BC network and make them viable multi-service counters, beyond cash-in/cash-out services.” He added the initiative is critical for the” long-term financial viability of rural BC counters” and “the overall growth of communities at the grass root level”. “A diversified product portfolio will not only drive more value per footfall, but also enhance customer loyalty and retention,” he further said.