Vodafone India, has entered into a strategic tie-up with West Bengal State Rural Livelihood Mission (WBSRLM), to empower women of Self Help Group (SHG), as an initiative of Financial Inclusion. The partnership facilitates instant deposits to the bank account of the SHGs by the SHG, using the mobile wallet – M-Pesa.
With M-Pesa account, the SHG can deposit the repayment amounts to their loan account instantly. Instead of travelling far away, now the SHG can open a M-Pesa account at the M-Pesa agents nearby their locations, load E-money to their M-Pesa account and can instantly send the E-money to their loan account of the bank. Vodafone M-Pesa facilitates instant, safe and secure cash transaction for the SHG, thereby saving huge transportation cost and time. Regular deposit into loan account at regular intervals using M-Pesa will further boost credit ratings. The partnership will boost the banking system in Bengal and facilitate higher loan disbursement for the poor.
Speaking about the association Suresh Sethi, Business Head M-Pesa, Vodafone India said, “M-Pesa is an innovative financial service from Vodafone that brings the bank to the mobile and addresses the issue of access to financial services. We are delighted to extend M-Pesa offering to WBSRLM. We are confident that this association will go a long way in simplifying the payments process for WBSRLM from the Self Help Groups. Currently, we are running a pilot in nine blocks of Uttar Dinajpur District in West Bengal. We are hoping to extend the benefit of using M-Pesa (Mobile Wallets) and further enhance the capabilities of the VO/SHGs.”
Vodafone India provides customers with a new currency in the form of M-Pesa, the renowned mobile wallet and money transfer service. Vodafone M-Pesa is an innovative, safe and secure mobile wallet enables complete suite of services like money transfer, bill payments, and recharge on the move from the mobile. It caters to all segments of the society, from the unbanked to the under banked and to the net-savvy and evolved customers. Today, with a pan-India distribution of close to 1,20,000 agents and more than 5.4 million customers, Vodafone M-Pesa is the largest banking correspondent in the country and is playing a vital role in enabling financial inclusion and m-commerce.