30,000 in 24 months
US$500 Million in 24 months
“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."
CEO - Shashank Joshi - mBnk
Of a total population of 1.4 billion people in India, 900 million live in rural or semi-urban areas. The country persistently remains a cash economy with a huge addressable market of 840 million people either unbanked or underbanked. Access to banking services in India continues to be challenging with supply of only 22 ATMs per 100,000 adults in India. By comparison, the United States has 174 ATMs per 100,000 adults, Russia has 161, Brazil has 105, and China has 97. mBnk to provide a digital platform enabling solutions for Banking, Financial Services and Insurance to the 840 Million underserved people in India. These problems solved can bring everyone with a smartphone powerful financial tools.
mBnk plans to leapfrog these critical problem by leveraging Shashank and his team’s industry success, longstanding relationships and BlocPal’s digital transaction platform. The mBnk digital retail solution will deliver a financial marketplace that enables retailers to offer their customers “mini-banking” financial services including the ability to deposit and withdraw cash, execute domestic money transfers, purchase pre-paid credit cards, buy air-time and pay for utilities. mBnk will continue to enhance services, providing access to more sophisticated banking and financial services for the marketplace, delivering the underserved into the digital age.
As the retailer network and consumer app engagement grows, mBnk will further extend financial services directly to citizens of India, their family and friends abroad with a consumer digital wallet application, thus creating a more connected physical retailer and consumer experience. mBnk backed by increasing internet penetration is uniquely positioned to enable a cost effective and easy to use way to reach the unbanked and under banked population of India. Lending & Insurance will be the unique services on MBnk platform for the retailers to sell as engagement grows.
“We have found a tremendous partner in Shashank and his team to financially empower the underserved population in India. We believe India is one of the biggest market opportunities for financial services globally"