Views: Banking at the bottom of the pyramid: EKO Financial services

When i wrote about the need for banking for a common man in poor Indian villages in February 2009 little did i know that just about the same time elsewhere a start-up was working on this idea. Yesterday this start-up was featured in the Times of India.

The company i am talking about is EKO financial services started by Abhishek sinha and Anubhav sinha. This start-up tied up with SBI to offer no frills account to the people representing the bottom of the pyramid. A common man can walk to a store, similar to buying a Sim card on furnishing identity documents can open an account within 10 minutes. And similar to recharging his mobile currency can deposit money into his account by handing over cash to the shop keeper who acts as a customer service point of EKO. Money transfers can be through the phone. I am immensely happy to see this innovation happening at the grass root levels and also very optimistic about the future of this goldmine. All the best to EKO team.

The following video shows the working of this concept.
http://www.youtube.com/watch?v=xUJnbtqG6Z0

Comments

  1. UnknownSeptember 1, 2010 at 8:14 PM

    Thanks for sharing these useful information! Hope that you will continue doing nice article like this. I will be one of your loyal reader if you maintain this kind of post!


    shares

    ReplyDelete
  2. ShannenAugust 17, 2011 at 11:52 PM

    Hi,

    I was browsing through your blog bankfit.blogspot.com and found very interesting contents on finance which are pretty informative. I was hoping I could write a guest post on your blog with an article related to your blog, I believe this will be of interest to your readers.

    The article will be entirely unique, written just for your blog and will not be posted elsewhere. I hope I can produce informative and viscid content for you. If you are interested in this idea, please get back to me.

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