Sahaj – Airtel Money Tie-Up: Fulfilling India’s Financial Inclusion Dream

sahaj_logoSahaj eVillage Limited, a Srei Venture Initiative has entered into an arrangement with Airtel M Commerce Services Limited (AMSL), a wholly owned subsidiary of Bharti Airtel to extend banking facility to citizens in three districts of Uttar Pradesh – Varanasi, Jaunpur and Gorakhpur through the ubiquitous mobile platform.

Sahaj’s tie up with Airtel Money aims to offer basic banking services to the villagers, the most financially excluded populations in India. The alliance will ensure the opening of no-frills savings account for rural customers through Airtel Money Super Account powered by Axis Bank, which will offer customers at the Sahaj Jan Seva Kendra in Uttar Pradesh, banking transactions including cash deposit, money transfer and cash withdrawal, paving way for convenient, safe and secure platform to the villagers. The account shall also earn savings account interest @4%, which shall help the villagers make remittances.

The partnership will leverage the company’s wide network of CSC and entrepreneurs to empower rural citizens of India with standard financial products and services and hence enhance their livelihood and quality of life.

Besides, the platform creates a wallet for the villagers and money can be easily transferred from one Airtel Money Wallet to another. The wallet can be used across the country and make all kinds of payments. Non-airtel customer too can receive money on their mobiles and get it converted into cash through an existing Airtel Money Axis Bank customer service point in the state, or through one of these Sahaj Jan Seva Kendras.

Commenting on the tie up, Mr. Srinivasa Rao – CEO, Airtel, UP & Bihar said, “Through this alliance, Airtel and Sahaj hope to bring banking facilities at an arm’s length to all our customers of Uttar Pradesh East. This is a small first step aimed at improving the financial independence of unbanked masses in the region.

It is worth a mention here that Sahaj, being pro-financial inclusion, already has over 550 business correspondents in Uttar Pradesh in arrangement with various banks. Speaking about this latest & convenient mode of inclusion introduced through Sahaj, Mr. Umesh Rao, President, Sales & Marketing, Sahaj e-Village Ltd. said “Inclusion through the mobile mode is the future, considering the fact that mobile connectivity has made inroads into the deepest pockets of Rural India. This is a giant step by Sahaj in taking the benefits of financial inclusion through m-commerce to the large population of rural citizens in Uttar Pradesh we serve through our huge network of over 8,000 centers. This is yet another step at bridging the gap between rural & urban markets.