Grameen Foundation India Signs Six MoUs Under The Flagship Financial Inclusion Project

New Delhi: Grameen Foundation India (GFI) recently signed up agreements with six partners under its flagship project “Business Correspondent Experiments and Demonstrating Scale (BEADS)”. The project aims to drive financial inclusion in remote rural areas by supporting innovations that will drive productivity, efficiency, and viability of the Business Correspondent (BC) networks. In the process, over 280,000 customers and over 1,300 business correspondent agents will directly benefit from the project.

The six partners who would be working across 10 different states in India includes are:

  • Centre for Development Orientation and Training (CDOT)
  • Drishtee Development and Communication Limited
  • Fincare Small Finance Bank Limited
  • I25 Outreach Private Limited 
  • Mann Deshi Mahila Sahakari Bank Limited
  • Sub-K Impact Solutions Limited

The 10 states covered under the project are Andhra Pradesh, Assam, Bihar, Gujarat, Karnataka, Madhya Pradesh, Maharashtra, Tamil Nadu, Telangana, and Uttar Pradesh. 

The project supports informed pilots with established BC Network Managers (BCNMs) to test cost-effective and agile ways of establishing, on-boarding, and training new BC Agents and to improve the viability of individual agents by diversifying and increasing revenue as well as working on customer empowerment. 

Talking about the program, Prabhat Labh, Chief Executive Officer, Grameen Foundation India said: “Business Correspondent model enabled by India’s robust digital ecosystem holds immense potential to drive financial inclusion and economic growth in India’s hinterland, and effectively serve the under-served populations, particularly women. We are truly excited about partnering with leading organizations in this space which are keen to innovate, learn and scale their impact.”   

This action research project will test and scale effective BC models and approaches and engage interested stakeholders in order to drive sectoral learning, replication, and transformation. 

Gaurav Chakraverty, Chief Operating Officer, Grameen Foundation India spoke about the utilization of cutting-edge solutions for the communities. He said: “We are looking to enrich the BC agent and customer experience and engagement by adopting Human-Centric Designs in product baskets, training and communication strategies using innovative technology solutions for scale.”Through its collaborations with the six partners, Grameen Foundation India aims to develop a micro-savings product and come up with a comprehensive package of financial and digital services to be offered through BC points to deliver a compelling customer value proposition. BC partners will improve their agent selection and enhance the skills and gender sensitivity of BC agents and staff. Through the project, GFI will also implement a customer education and marketing initiative that will facilitate the BC Networks to expand their customer base to new customer segments and drive uptake and usage of products.

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