Eko India's Financial Inclusion Initiative
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Eko used neighborhood grocery and pharmacy stores as Customer Service Points (CSP). Under this model, any person could approach a CSP to open a savings bank account. The Know Your Customers norms for those taking no frills accounts were relaxed so that more people could be included into the financial system. CSP would send the new account details to Eko through his mobile phone and the account would get operable in ten minutes. The account holder would be given material with instructions and password to operate the account. Account holders could deposit, withdraw, and transfer to others' no frills account opened through Eko at CSP. The mobile number and password acted as authentication for transactions. Eko designed its system in such a manner that its customer need to be just number literate to avail its services. The case describes in detail Eko's business model and highlights the need for financial inclusion initiatives.
» Understand Eko India's business model.
Eko India Financial Services, No Frills Savings Accounts, Under-banked Masses, Business Correspondent, Customer Service Points, Financial Inclusion, Financial Exclusion, Microfinance Institutions, Information, Communication and Technology, Inclusion Centric Financial Infrastructure, Eko Aspire Foundation, Simplibank, Unstructured Supplementary Service Data, Microfinance Open Source, Banking for Masses, Mobile Banking, General Purpose Credit Card, Abhilasha Account, Grameen Foundation, Know Your Customer Norms, Mobile Penetration
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