HSBC and MFI industry association Sa-Dhan has entered into an agreement to develop a digital ecosystem for India’s unbanked segment. The bank will provide technology expertise to train and educate microfinance consumers at grassroots level and introduce digital banking to promote easier and time-efficient financial transaction among the so-called bottom-of-the-pyramid customer. P. Satish, ED, Sa-Dhan, said to digitize the microfinance ecosystem and render it cashless, the pilot with HSBC will provide a path to empower MFI clients. HSBC will run a pilot in West Bengal, Punjab, Karnataka and Maharashtra, benefiting 1200 customers. The pilot will involve creating digital hubs with POS machines and internet connectivity.
