Finkeda enhances banking access in rural India with AePS

Finkeda is addressing banking accessibility issues in underserved regions of India by providing Aadhaar-enabled Payment System (AePS) and Micro ATM services.

For many people living in small towns and remote areas across India, accessing banking services involves travelling long distances to reach a bank branch or ATM, often incurring travel costs and time delays. The situation has worsened following recent bank mergers that have reduced the number of branches available to customers, leading to a disproportionate service relative to population needs. Furthermore, traditional banking hours are limited, while fintech solutions offer services around the clock.

Banks tend to avoid opening branches in rural and low-density areas due to concerns about profitability. Uneducated individuals in these regions often face challenges in communicating with bank staff, making them hesitant to visit branch offices. However, local agents can bridge this gap by providing a more approachable alternative for banking transactions. Moreover, maintaining ATM machines involves significant costs related to rent, electricity, security, and cash management, whereas fintech solutions present a more cost-effective option.

Commenting on the company's initiatives, Manish Kumar Goyal, Director, Chairman, and Managing Director, stated, "Financial inclusion is not just about providing access to banking services, it is about empowering individuals and communities with the tools to participate fully in the economy. At Finkeda, we are proud to bridge the financial gap in underserved regions, aligning with the vision of Digital India 2.0. Our AePS and Micro ATM services are designed to simplify access to essential financial services, enabling a seamless transition towards a digitally inclusive future for every citizen, regardless of their location."

Finkeda's approach involves transforming local shops and merchants into key financial hubs within communities through its Micro ATM and AePS solutions. This strategy aims to provide secure, efficient, and reliable banking services, thereby reducing the need for traditional ATMs or bank branches. Beyond basic financial operations, Finkeda also facilitates utility payments, domestic money transfers, loan EMI collections, PAN card applications, and travel bookings.

By empowering local businesses with their technology, Finkeda plays a pivotal role in enhancing the economic role of merchants, integrating them significantly into the financial ecosystem of their communities.

Finkeda is driven by a clear mission: to ensure equitable access to financial services without discrimination by geographic location. The company's objectives are not limited to facilitating transactions but also include promoting financial independence for individuals in rural and semi-urban regions. It envisions creating a seamless and accessible financial network capable of narrowing the urban-rural divide.

Finkeda is planning to further expand its reach and strengthen its digital payment ecosystem to ensure comprehensive access to financial services across all communities. By bridging the gap between traditional banking infrastructure and underserved populations, Finkeda aims to contribute to a more inclusive and financially secure India.