The joint report ‘Reimagining the Next-generation BC (business correspondent) Model’ — prepared by Grameen Foundation India (GFI) and Business Correspondent Federation of India (BCFI)– was released on Wednesday.
It is based on a two-day CXO roundtable conference hosted by GFI and BCFI in November 2022, where leaders in the finance industry came together to chart a more inclusive and viable future for business correspondents (BCs) in India.
“The BC industry has played a significant role in driving financial inclusion to the last mile — be it Jan Dhan Yojana, Benefit Schemes/Payments or Covid-19 cash relief. There is, however, a dire need to significantly expand the scope of digital financial services and address key challenges to make the industry self-reliant, more efficient, effective, and impactful,” said Sunil Kulkarni, CEO of BCFI, in a statement.
The report also recommended the capacity building of all stakeholders, making the BC industry more investor-friendly, creating an open common knowledge-sharing platform, transitioning from demand fulfilment to demand generation and providing training content in vernacular languages.
Piyush Singh, Director, Innovations in Digital Finance, GFI, underscored the importance of collective action and partnership in achieving financial inclusion goals and creating a more equitable and sustainable financial system for all.
“Financial inclusion is critical for building a more just and equitable society. Achieving this goal involves not only expanding access to financial services but also addressing the underlying structural issues that perpetuate financial exclusion. It requires a fundamental shift in the way the financial systems operate,” Singh said. This report is a call to action for the BC industry to collaborate and create a more inclusive, inclusive, responsible and viable model that benefits the BC agents and the communities, he pointed out.
“This report offers a roadmap for the next-generation BC model that is more inclusive, responsible, and viable,” said Mahesh Jain, Chairperson, BCFI and co-founder, Integra Micro Systems Pvt Ltd.
The GFI-BCFI report represents a passionate commitment to bridging the financial inclusion gap and empowering the unbanked population of India with access to vital financial services via BCs. Its release is a milestone in the journey towards realising their shared vision and a brighter future for countless individuals and communities.
Grameen Foundation India (GFI or Grameen), a wholly-owned subsidiary of Grameen Foundation USA, is a not-for-profit organisation that specialises in designing and implementing innovative programmes to help the poor access finance, livelihood opportunities and health nutrition information.
Business Correspondent Federation of India (BCFI) is an association of 60+ Corporate BC (CBC) members at the national level, offering services through over 20 lakh customer service points (CSPs) in the remotest corners of Bharat.
