Digital Financial Services

Digital Financial Services

Grameen Foundation develops innovative solutions that resolve issues that are critical roadblocks to financial inclusion of low -income communities in India. Millions of women and low-income communities around the world still remain financially excluded. Out of the 581 million women in India today, 1 in 4 does not have access to formal financial services. In rural areas, this concern is particularly accentuated for women as they suffer from restricted mobility, lack of personal mobile phones and the technical capacity to navigate seemingly complex digital systems.

As of January 2020, 340 Mittras have facilitated transactions worth more than 2.8 million Indian Rupees (US$40579), demonstrating significant pent-up demand for digital banking among poor populations in India. Mitras are also transforming their own lives by learning new skills, generating new income and increasing their financial independence.

Grameen believes that bringing impact at scale across diverse geographies and communities can be achieved through partnerships with like- minded stakeholders. We implement programs which address the barriers to financial inclusion through the following interventions:

  • Recruitment, training and deployment of a women agent network (Grameen Mittra) which provides a basket of financial and non-financial services to doorsteps of end-clients and to increase their awareness, adoption and usage of digital financial services.
  • Advance financial inclusion of the poor by combining the strengths of commercial banks and field-based microfinance organizations in order to bring sustainable and viable banking and digital financial services through inducing behaviour change.
  • Create partnerships with financial and digital service providers and other social impact enterprises to increase access to financial and non- financial services.
  • Undertake research on the use of bank accounts and digital financial services of low- income populations from a customer perspective to design programmes aimed at financial capability of women from low- income segments.