Of the nearly 1.4 billion people in India, 900 million are living in rural or semi-urban areas. These citizens are vastly underbanked, with limited access to physical banks and ATMs. They face daily financial challenges with issues surrounding depositing, withdrawing, sending and managing money. Lastly, limited trust in traditional banking and financial illiteracy further magnifies the challenge.
BlocPal has partnered with Shashank Joshi (former CEO, Money on Mobile) to create mBnk - a digital retail solution that lowers the drawbridge to financial services for millions of Indians.
The solution - including an innovative mATM - enables small, local retailers to provide "mini banking" financial services to their customers. People all over India can now deposit and withdraw cash, execute domestic money transfers, order pre-paid cards, buy air-time and pay for utilities and cable TV - all from the shop they're used to frequenting for everyday household items
Powered by BlocPal's innovative technology, mBnk is transforming traditional retail stores into an engine for digital engagement and financial inclusion. This economic mobility will further accelerate India's booming economy.
Our goal is to build a network of retailer partnerships across the rural population of India where essential financial services are within a 5 km reach to every community. This project is not only an amazing entrepreneurial challenge but represents, for me, a chance to truly improve the lives of millions of deserving people across the country. I am thrilled to be undertaking this challenge with the help of BlocPal and their advanced digital platform.