This was the premise with which Founder Abhishek Sinha laid the foundation of Eko Financial Services, a novel way for the poor to start banking with the help of their mobile phones. Addressing a lot of inherent obstacles faced by the underprivileged in opening a bank account, including the need of a guarantor and of having a permanent address, Eko made it possible for everyone to start using financial services that were earlier accessible only to the wealthy. Another important aspect is that the customers need not visit the bank branches to conduct their transactions – these are facilitated by the kirana store owners, chemists or other small retailers in their vicinity. This creates a unique ecosystem that is a win-win for everyone involved – the banks need not invest in large infrastructure of opening and maintaining multiple branches to serve small value transactions, the retailers who participate earn a small fee and the poor worker gets a bank account on the move with which he can deposit, withdraw and also transfer money to his relatives back home.
Eko has a partnership with State Bank of India to enable its customers to transact smoothly. With over 70,000 registered users and more than 500 service points in Delhi, Bihar and Jharkhand, we can hear the resonance of mobile banking growing louder and more powerful.