Paymate, IFMR tie up to drive financial inclusion
Wednesday, April 27, 2011
Paymate, India’s leading mobile payments company, and IFMR Rural Finance, have announced a tie-up to launch multiple financial inclusion projects through Kshetriya Gramin Financial Services (KGFS) entities. As a part of this initiative, the company has unveiled a mobile phone based person-to-person money transfer initiative in the Delhi to Uttarakhand corridor as well as piloted a micro-loan repayments in villages in Ganjam, Orissa.
Commenting on the launch of these initiatives, Ajay Adiseshann, MD & Founder, PayMate says, “Although reforms in the banking sector have been on an upswing, around 60% of the country’s population does not have access to a bank account or even the necessary documents to help secure basic finance. This has severely impacted the cost of development of the lowest strata of society. On the other hand, there has been an exponential growth in mobile penetration with close to 200 million users in rural areas, making it a potent tool to create a financial ecosystem for the under and unbanked masses. The launch of these initiatives is an extension of our belief in the power of mobile telephony to drive financial inclusion.”