Eko India's Financial Inclusion Initiative

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Case Details:

Case Code : FINC060
Case Length : 18 Pages
Period : 2007-09
Pub. Date : 2009
Teaching Note :Not Available
Organization : Eko India Financial Services Private Limited
Industry : Banking and Financial Services
Countries : India

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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.

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Introduction Contd...

Eko, the brain child of Abhishek Sinha (Abhishek), was founded in 2007 to provide banking services using mobile phones to that section of the population that commercial banks had not reached.

Though Eko was one of the many companies that had emerged in the late 2000s that provided financial services on mobile phones, Eko's target customers and its objectives differentiated it from others. Most of the companies provided value added services to already existing customers of banks or sold financial products like insurance using the mobile as a platform whereas Eko provided no frills savings accounts to the under-banked masses.

Eko believed that the savings account was the most basic product that was required to achieve financial inclusion. It acted as a business correspondent (BC) as per the guidelines of Reserve Bank of India (RBI), the central bank of India. The objective of RBI's BC concept was to ensure greater financial inclusion at minimal costs and Eko offered one possible solution. Eko's concept was put under trial as it was new and required close collaboration among all the stakeholders like telecom service operators, banks, customer service points (CSP), and Eko.

Eko's business model earned recognition from several quarters and it was nominated for several competitions targeted at start-ups...

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