Of the nearly 1.4 billion people in India, there is a large unbanked / underbanked population in India. 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. Currently, the fintech app market in India is fragmented with high fees and this is discouraging broad consumer acceptance. Lastly, limited trust in traditional banking and financial illiteracy further magnifies the challenge.
BlocPal’s platform supports mBnk's Retailer-driven solution in India enabling retailers to provide "mini-banking“ services to consumers. By the fiscal year ended March 31, 2024, our goal is to create a network of over 350K retailers who will also promote the consumer bank cards and our consumer app to their customers. Our platform leverages smartphones to provide advanced financial inclusion / banking services, money transfers, insurance, micro-loans, pre-paid credit / debit cards, air-time / bill payments, travel and assisted e-commerce.
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.
As mBnk continues to expand its retail footprint in India, we will continue to offer more financial solutions such savings, insurance plans and micro-loans. Our latest partnership with Amazon Easy is a testament to our commitment to constantly strengthen the value proposition we provide to all our stakeholders. Furthermore, we will extend our financial services directly to citizens of India, their family and friends abroad with a consumer digital wallet that will perfectly complement our existing retail-based solution. This way mBnk is seamlessly combining the world of physical retail with digital products to make financial solutions accessible and affordable to all.
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.