3 FinTechs fostering financial inclusion in India

By Gloria Mathias

India is an emerging player in the FinTech landscape, and technology is unfolding at lightning speed with disruptive solutions generated to combat any financial obstacles. However, technology cannot be catering to all in its innovative stage, creating more solution gaps than bridging them.

Hence, Financial inclusion is the process of ensuring that all individuals have access to affordable and appropriate financial services.

The Reserve Bank of India (RBI) released the Financial Inclusion (FI) Index in 2022. The index measures how well the general population can access financial products and services. The index includes the level of availability, accessibility, and affordability of financial products and services. The index improved from 53.9 in 2021 to 56.4 in 2022. In March 2023, the index reached a score of 60.1.

Listed are 3 FinTechs serving the unbanked population in India:

• Farm Infinity

Farm Infinity provides a digital platform to facilitate easy access to affordable financial services to farmers, Farmer Collectives (FPC/FPOs) and agribusinesses. The company plans to leverage technology and provide a platform for services to the economically impoverished population of India, primarily farmers and help them with a sustainable livelihood that enables enhancement of their living conditions based on their needs, skills, and traditional livelihood occupations.

• FidyPay

FidyPay is a full stack simple and automated FinTech API Platform working towards providing easy and convenient plug-and-play solutions on a real-time basis. The company’s primary focus is financial inclusion, macro digital payments, integration, and paperless banking. The company envisions being the leader in digitizing financial inclusion and micro-payment space in India. It offers diverse financial services and products for smooth access to different financial and banking services which eventually will help in the growth of the overall digital financial services.

• GramEpay

GRAMePAY is a Device, Channel, and Technology Agnostic Digital Payments Platform crafted for India by experienced payments industry professionals. Leveraging its industry experience of BFSI and financial inclusion Programmes, the GRAMePAY Team is building a distribution ecosystem through its team of Social Entrepreneurs. It provides offerings to Regional Rural Banks, Small Finance Banks, Cooperative Banks, Micro Finance Institutions, NBFCs, and Financial Institutions on its Platform as a Service model.