ELI - 349 | Tashwinder Singh (CEO & MD of Niyogin Fintech)
Entrepreneur Lounge of India (ELI)
English - July 10, 2023 16:13 - 27 minutes - 38.4 MBEntrepreneurship Business Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
About the spokesperson: https://www.linkedin.com/in/tashwindersingh/
Tashwinder Singh is the CEO and MD of Niyogin Fintech, a company focused on solving financial inclusion and providing financial services to MSMEs.
Niyogin's mission is to utilize kirana stores (retail stores) as potential channel partners for delivering banking services, enabling them to become like banks through technology.
They aim to address the last mile financial inclusion problem in India by using existing infrastructure and technology to provide access to banking services to marginalized individuals, especially in rural areas.
Niyogin also focuses on delivering capital to MSMES, as India is a capital-starved economy and there is a significant lack of credit available down the chain.
Their technology stack integrates with the National Payments Corporation of India (NPCI) for routing transactions, and while AI and ML are not currently utilized, they foresee opportunities in the future.
Niyogin Fintech's approach involves providing a simple app and database solution for kirana stores, which enables them to offer basic banking services such as cash withdrawal, cash deposit, loan applications, and opening new bank accounts.
The technology provided by Niyogin is user-friendly and straightforward, aiming to reduce the training requirements for kirana store owners to become correspondent agents.
Their most common use cases include domestic money transfers for migrant laborers, where they can easily transfer cash to their families in rural areas through kirana stores powered by Niyogin's technology.
Another significant use case is cash withdrawal, where customers can authenticate themselves using their biometric data or debit cards at kirana stores to withdraw cash, making it accessible and convenient.
Niyogin emphasizes income augmentation for kirana store owners, ensuring that their products provide an additional revenue stream through transactions facilitated by their platform.
#FinancialInclusion #MSMEFinance #LastMileBanking #KiranaBanking #DigitalPayments