Visa partners with Micro Pension

Wednesday, October 9, 2013

Kolkata, Oct 9 (IBNS): Global payments technology company Visa on Wednesday announced a partnership with Micro Pension Foundation, an Indian non-profit organization.

The partnership will establish a Micro Pension Visa Financial Inclusion Lab as an incubator of innovative payment solutions, targeting 140 million low income, unbanked, informal sector individuals, providing them with access to affordable, micro-savings and pension products from regulated financial institutions.

Uttam Nayak, Group Country Manager – India and South Asia, Visa, said: “With a current elderly population of over 100 million that is set to nearly double within the next decade, it is imperative for India to establish an inclusive institutional architecture and encourage the workforce to set aside a part of their present incomes for their old age and other social security needs.”

“We are delighted to partner with Micro Pension Foundation and through the Lab we propose to create solutions that inculcate and channelize savings. The pilot truckers programme is one such example.

“The truck drivers and cleaners due to their nature of employment have intermittent incomes, and a concerted effort to educate them on the benefits of saving regularly for old age has been undertaken through the Lab’s financial literacy centre set up at Sanjay Gandhi Transport Nagar in Delhi.

“On a daily basis, 20 drivers get educated on the programme and we look forward to tracking the progress of enrolments.”

Source: India Blooms (link opens in a new window)

financial inclusion