Pune: MobiKwik, India’s largest payments network trusted by over 32 million users and Pune based Samagra, an NGO serving urban poor today announced the launch of M-Gullak, a micro savings initiative, specifically designed for the Urban Poor based on Samagra’s insights on customer behaviour and MobiKwik’s Mobile Wallet Technology. User Experience has been customized for the Urban Poor keeping in mind the resource constrained environment. M-Gullak will promote the habit of savings among slum residents and connect to them to the world of e-commerce and digital services. The innovation is expected to develop India ‘s largest domestic remittance corridor.
According to Swapnil, Founder, Samagra, “In course of providing sanitation services, Samagra realized that even though there are banks nearby all the urban slums, only 20-30% urban poor have active bank accounts. And although accounts have been opened under JanDhanYojana, many people do not use accounts for transactions. Urban Poor end up spending a good portion of their money on short-term needs. We also found that many of the women resort to alternative methods of savings – A jar at home, money in a hole in the ground, savings in the Self-Help-Group schemes etc. many a times they end up losing this money because of pilferage or spoilage.”
M-Gullak will provide ICT Enabled Mobile Wallet platform, that enables users to save in very small amounts at various locations, recharge phones, buy digital goods and transfer to their bank accounts. The pilot initiative has been launched in Pune today across 7 slums including WarjeRamangar, WadarVasti&GosaviVasti, and is expected to benefit 150,000 urban poor residents by the end of this year. By early 2017, m-gullak will be available for over 50 million users in Delhi and other metros.
“We constantly strive to develop new and innovative solutions to cater to the financial needs of users and contribute meaningfully in making their daily lives better. M-Gullak in one such initiative that we have launched with Samagra to serve those who are either unbanked or underbanked. This will help urban poor become a part of India’s digital revolution. These users can save as little as they want and benefit from the services we offer.” Said UpasanaTaku, Co-founder, MobiKwik.
“We believe that absence of any “savings instrument” leads to this behaviour. There is a dire need of providing some sort of financial instrument to the Urban Poor that will enable them to save small amounts of money. And thus was born the new concept of micro-savings program called “Gullak” that currently enables and motivates Samagra’s toilet users to save as little as Rs. 2 on a daily basis using a small “Kiosk” in the community toilets as the collection point.” Swapnil added.
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