Finkeda empowers rural India with 36,000 merchant hubs

Finkeda has announced that it now has over 36,000 registered merchants across India, extending essential financial services to underserved rural and remote communities.

Launched in 2019, Finkeda aims to simplify access to banking for individuals in smaller towns and villages where basic financial services are often limited. By partnering with local merchants, the company has transformed neighbourhood shops into mini-banking hubs, offering services such as money transfers, Aadhaar-enabled banking, micro-ATM withdrawals, utility bill payments, and travel ticketing. This approach eliminates the need for residents to travel long distances, allowing them to manage their finances locally.

Finkeda reports processing over 893,395 transactions monthly, bridging the financial service gap in underserved regions. With Aadhaar-enabled banking, residents have secure access to Aadhaar Pay, can perform balance inquiries, and obtain mini statements. Micro ATMs facilitate cash withdrawals in locales with limited ATMs, and residents can handle bill payments and mobile recharges easily.

The services also include motor insurance applications and PAN card registrations, while travel options enable bookings for buses, flights, and hotels, thereby enhancing accessibility and convenience for local populations.

Finkeda's approach benefits end-users and opens up new income streams for local merchants, establishing them as trusted financial service providers within their communities. This results in improved convenience and trust, positioning merchants as critical figures in the local financial ecosystem.

Mr. Manish Kumar Goyal, Director, Chairman, and Managing Director of Finkeda, commented on their progress and objectives, "Finkeda is a movement toward economic empowerment. By bringing financial services to the local level, we're creating opportunities and enabling convenience for people in rural areas, helping them manage their finances independently."

Operating on a B2B model, Finkeda generates commission-based income, benefiting local merchants while delivering essential services to communities. The company is committed to expanding further and addressing the financial access gap in remote areas across India, with the goal of ensuring every Indian has easy access to basic financial services, regardless of their location.