With the business correspondent model accounting for an increasing proportion of overall business for small to mid-sized MFIs in India, there is growing interest in using technology to rapidly expand this channel.
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At Grameen Foundation, our goal is to spur innovation in the global movement to eliminate extreme poverty. Part of that work is to develop better solutions and share them with people like you.
On GF Insights, we share lessons learned from our leaders in the field, news about efforts to expand access to financial and information services for the poor, and how poverty-focused organizations are using data to improve the way they work.
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Expectations for the business correspondent model in India have been high from the start. For a country of its size, with a significant unbanked population in remote and rural areas, allowing agents or correspondents to offer services on behalf of banks seemed like an intuitive way to counter challenges of access. Delivering on the promise of this model though, has not been easy. India’s financial sector continues to be dominated by banks, with regulatory barriers limiting the role and scope of agents.