Complete Financial Inclusion for BOP

Complete Financial Inclusion for BOP

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Created: June 29, 2012
Last Update: July 21, 2012

Stage of Innovation
1. Idea
2. Start-up
3. Growth
4. Established
5. Scaling

In India, still there are approx. 750 million low-income & poor people who are excluded fro the formal financial system and don't have access to basic banking, insurance, medical cover, pensions and other financial services.

The Government is now opening lots of bank accounts, but the people are not saving or banking. There is very little activity. The Government's focus on other financial services like insurance, pensions, medical cover & investments for the poor is very minimal.

To fully include the poor into the system and help them to move out of poverty in the long run, Sanchayan is opening "Sanchayan Suraksha Points" [SSP] which will provide all "financial services + financial information" at one -stop points to the urban poor.

Problem

Lack of exclusive Financial Services & Information Network for the poor.

Solution

SSP [Sanchayan Suraksha Points] - one-stop points for the urban poor in Delhi & Mumbai to access all financial services, financial information, obtain counselling, guidance, planning, consumer protection and grievance redressal.

Example

SSP will deliver financial information & services to the people on a chargeable basis.

Marketplace

Urban poor hubs like wholesale markets, slum dwellings, rehabilitation colonies and factory & construction sites.

Meet the Team

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June 29st, 2012

Sanchayan already has one SSP operational right inside the heart of the slums in East Delhi in Trilokpuri.

ghazipur_camp_18_june_2012_15.jpg
June 29st, 2012

Sanchayan is organizing financial information camps for urban poor migrants in Ghazipur wholesale fish and vegetable markets. Majority of the migrants do not have any financial services like bank a/c, insurance, pensions, medical cover and money transfer means.

June 29st, 2012

Sanchayan is organizing financial information camps in wholesale vegetable and fish markets to offer financial services & guidance to migrant populations.

Get Involved!

Offer

SSP offers partnerships to NGOs working with urbaan poor communities in Delhi & Mumbai a chance to partner with Sanchayan and earn sustainable incomes on a recurring basis.

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Need

Sanchayan needs minimum 4-5 lakhs to start the process of establishing 100 SSPs for financial services & financial information needs of the urban BOP.

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1 of 1

Growth Tracker

Stage: Milestone 1 of 5
Start
06/29/12
End
Impact Report
Financial Information Camps
Date 06/29/12
Sanchayan is organizing financial information camps in wholesale vegetable and fish markets to offer financial services & guidance to migrant populations.
Impact Report
Financial Information Camps
Date 06/29/12
Sanchayan is organizing financial information camps for urban poor migrants in Ghazipur wholesale fish and vegetable markets. Majority of the migrants do not have any financial services like bank a/c, insurance, pensions, medical cover and money transfer means.
Impact Report
One SSP
Date 06/29/12
Sanchayan already has one SSP operational right inside the heart of the slums in East Delhi in Trilokpuri.
Milestone
Raise funds for 100 SSP
Date of Completion 07/20/12
In Progress
Raise seed funding for establishing 100 SSP
Milestone
Tie-up with more Regulators
Date of Completion 08/29/12
In Progress
Tie-up with IRDA
In Progress
Tie-up with RBI
In Progress
Tie-up with SEBI
In Progress
Tie-up with UIDAI
In Progress
Tie-up with PFRDA
Milestone
Hire 2 SSP Managers
Date of Completion 08/31/12
In Progress
Identify people
In Progress
Recruit people
In Progress
Train people
Milestone
Add SSP Partner
Date of Completion 09/30/12
In Progress
Add NGO partners for distribution
In Progress
Add Grocery & Mobile store partners
In Progress
Identify & train Barefoot Finance Agents
Milestone
Open 100 SSP
Date of Completion 10/15/12
In Progress
Open 15 SSP in July'12
In Progress
Open 25 SSP in Aug'12
In Progress
Open 30 SSP in Sep'12
In Progress
Open 30 SSP in Oct'12
Milestone 1
Open 100 SSP

Comments & Activity

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Comments & Activity

komentar

Avik Kedia profile img
Fri, 06/29/2012 - 12:53

Hi there,

This is a new idea or rather an approach to deliver a basket of financial services to the poor. Please share your thoughts and feedback. Thanks.

Regards,

Avik Kedia
Sanchayan
New Delhi