mBnk and Instant Mudra, two disruptive fintech companies, have formed a strategic alliance. This alliance is to help provide financial services to the underbanked and underserved population of India. The association has come into place based on the unified mission for end-to-end financial inclusion throughout the country.

Despite the advancement of technology in the financial services ecosystem, the semi-urban and rural populations do not have ATMs and easy access to banking services in their proximity. Cash withdrawal from an ATM becomes intimidating for those who are not tech-savvy, especially those in the interior parts of the country. Locating an ATM, let alone using one, especially in remote and geographically challenging areas, is a resource and time-consuming activity. While in the metropolitan cities, these problems are not common; long queues, high maintenance, security costs, and negligible revenue per transaction for banks, are making ATMs an unviable proposition.

The goal is to let people across the length and breadth of India have access to financial services. Last-mile delivery of such services, especially the ability to withdraw and deposit cash, should be easy to locate in all towns and villages. Every individual should be able to use an ATM without wasting resources and time traveling or standing in long queues. The rural population should not be hesitant when making banking transactions.

The flip side of the coin is the engagement with locals and converting them into a VLE- Village Level Entrepreneur. Thus providing them with a basic dignified, self-sustainable earning model at Economical cost.

mBnk with Instant Mudra is working to achieve this mission. We envision providing mATMs (micro ATM) in kirana stores in every nook and corner of the country. We firmly believe that financial inclusion will help augment our economy and solve a crucial pain point faced by millions of people daily.

We aim to promote financial inclusion in India by providing retailers — the pillars of trust in Indian society; with a powerful fin-tech application to serve financial services to their customers via mobile or web devices. Due to the compact and portable nature of the mATM, infrastructure and maintenance costs will be saved. For the rural population, the perception of being intimidated by ATMs will diminish as their neighboring kirana store owner will guide them in their local language.

Instant Mudra Technologies Private Limited (IM) is a DIPP certified Fin-Tech Organization, registered under “The Startup India program of Government of India”. IM is a Fintech Organization incorporated in May 2019, by the industry veterans with over 19+ years of expertise in the Payment industry with a vision to serve the Un-banked and underbanked community based on the Financial Inclusion program and Money Transfer Model run by the Reserve Bank of India (RBI). For more information, visit www.instantmudra.net.

mBnk Phygital Financial Marketplace Private Limited (mBnk) as an enterprise has noticed that in the last decade, India’s growth trajectory has been fueled by the rising penetration of the internet and information amongst the masses; previously part of the shadow economy of the country. Despite a robust payment infrastructure and various government initiatives, access to financial services remains elusive for the bottom of the pyramid. We at mBnk plan to change that with our innovative retailer backed financial services marketplace. For more information, visit www.mbnk.com.

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