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With the support of technology provided
from Gurgaon-based
Services, the Sahyog Microfinance
Foundation has recently launched a Customer Service Point (CSP) Kiosk
Banking outlet at Yahoo Mobilewala in Dharavi. "With the opening
of this outlet, we are looking at creating CSPs at various locations
where we have residential catchments or intensive industry
settlements. This is to bring the masses that live or work there,
into the financial inclusion drive, encourage them to open accounts
and help them saving their money and also facilitating money
transfer. The service is aimed to be at the doorstep vicinity,"
said Pramod Saxena, Chairman and MD of Oxigen and the Director of
Sahyog Microfinance Foundation.
Speaking about the opening of outlet in
Dharavi region, Saxena explained, as majority of India's rural
population and significant part of urban population do not have easy
access to banking and related financial services and thus are
excluded from the development agenda of the government. The focus of
this effort is clearly to reach out to these people and enable them
to join the financial mainstream. The company has enrolled 50 CSPs in
Mumbai, and prior to two weeks of the opening of its outlet, Oxigen
has also established 30 operational CSPs in Delhi NCR as well. "These
numbers will increase on a daily basis with the penetration of our
footprint into rural India," claimed Saxena.
Describing the focus of company with
respect to Kiosk Banking, Saxena claimed that the CSP Kiosk-based
banking model will provide the necessary ease and comfort to the
masses of India who have not yet availed the banking facilities. They
can now open and operate bank accounts and utilize other banking
services at their neighborhood grocery stores. This localization of
retail banking services is much needed for financial inclusion of the
population in both rural and urban India, who stay at a bay from the
banking facilities. The CSPs will become cash withdrawal points for a
large number of small transacting people, apart from decongesting
bank branches in cities for small transactions. Oxigen's overseas
partners include
Microsoft Corporation, USA and Blue Label Telecom, South Africa.
Oxigen has strategic business and equity alliance with Microsoft
Corporation and is expected to expand its business rapidly in the
virtual payments and distribution space using Microsoft's Web and
mobile-based technologies.