Eko India Financial Services Pvt. Ltd.

Our vision to enable low and moderate income customers adopt formal digital financial services over their mobile phones in a democratized and non-discriminatory manner.

2007

For-profit

Finance

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Details


Region of operation

Delhi, Mumbai, Hyderabad, Punjab, Haryana, UP, Bihar, Maharashtra Rajasthan, Jharkhand

Headquarters address

Eko India Financial Services (P) Ltd. 3rd Floor, Plot No. 34, Sector 44, Institutional Area, Gurgaon Country: India Zip: 122002

Target problem

About half of all working-age adults are excluded from formal financial services. People in most developing countries still have to rely on informal ways of savings and physical delivery of cash to make payments or access financial services. The traditional banking, using brick and motor method is still lagging behind the billions and millions of people that new technologies have been able to reach in a much shorter span of time. Various studies have indicated that migrant workers prefer to send money using the formal banking system. But due to lack of access and high opportunity cost they resort to other channels like hawala, family friends and Post Office. Eko is creating an ecosystem to bridge this gap in financial services by leveraging technology. Eko links the migrant worker with the formal financial system reducing cost & inconvenience associated with money transfer. Eko makes money transfer simple, fast, instant & convenient.

Key product / Service

Eko is a growing mobile money network. We are a technology company, with primary focus on enabling our customers to do a secure financial transaction on any mobile phone be it a smart phone or a feature phone. Eko has wrapped its technology with intuitive interfaces and comprehensive APIs both on the producer / supply-side and on the consumer / demand-side for banks, MFIs, billers, customers, merchants and agents to plug-in directly or through their existing technology / intermediaries. UI, OkeKey & SimpliBank, back-end system, have enabled Money transfer as the most innovative & profitable product available at growing Agent network. Cash to account, Account to account & Account to cash with OkeKey enabling withdrawal at ATM or other Agent. For customer the product is convenient, available beyond the banking hours with instant e-receipts and usage and loyalty driven plans, making financial services cheaper and accessible.

Team size

10-50

Number of beneficiaries

3000000

Awards and recognition

Funding and Operating Model


Funding round

Series A

Total funding raised

$ 7133333.34

Business details

About half of all working-age adults are excluded from formal financial services. People in most developing countries still have to rely on informal ways of savings and physical delivery of cash to make payments or access financial services. The traditional banking, using brick and motor method is still lagging behind the billions and millions of people that new technologies have been able to reach in a much shorter span of time. Various studies have indicated that migrant workers prefer to send money using the formal banking system. But due to lack of access and high opportunity cost they resort to other channels like hawala, family friends and Post Office. Eko is creating an ecosystem to bridge this gap in financial services by leveraging technology. Eko links the migrant worker with the formal financial system reducing cost & inconvenience associated with money transfer. Eko makes money transfer simple, fast, instant & convenient. Eko is a growing mobile money network of over 3 million customers, 3000 agents, 10 billers, 5 MFIs and 4 Banks for banking, payment & money transfer with over 33 million transactions and value of over $3 billion. We enable customers to do a secure financial transaction on any mobile phone, smart phone or a feature phone without installing any app on the phone or SIM. Money Transfer is the most profitable product targeting economically active migrants with a pay-per-use model, charged as a % of the value transacted. Eko has partnered with SBI, ICICI Bank, YES Bank & IndusInd Bank to offer white label money transfer services.

Partners and key clients

State Bank of India, ICICI Bank, YES Bank and IndusInd Bank.

Images and trivia


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Sources

Trivia

"Beneficiaries include 10 million customers for whom formal financial services have become more accessible. Mobilized savings of Rs 450 crores. The Eko-system also has an impact on other stakeholders mainly 3000 Agents and their families. Total earnings for Agents are close to Rs 84 crores. The Agents are members of the community chosen on basis of certain selection criteria. They also have access to toll-free helpline. The feet-on-street that service Agents help create employment opportunity in the community. Multi-tiered distribution channel with Distributors (local entrepreneur) employing FSE (local youth) to service Agents (Village level local entrepreneurs). Eko helps increase the earnings, paid per transaction, leveraging their existing outlet & mobile phone. Eko provides the Agents with training & material to help them start their operations & tools to increase their RoI."

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