November 2024
Finkeda, a one-stop destination for digital banking and financial services, founded in 2019, is tackling the issue of accessible banking for all head-on by delivering banking and financial services to underserved regions through Aadhaar-enabled Payment System (AePS) and Micro ATM services. By partnering with local merchants, Finkeda enables people to access essential banking facilities like cash withdrawals, deposits, and balance inquiries without needing to travel long distances.
Accessing essential banking services remains a challenge for millions in India, especially in small towns and remote areas. Long distances to the nearest bank branch or ATM often force people to incur travel costs and time delays for basic financial transactions. Due to recent bank mergers, the number of branches has decreased, and customers are no longer served in proportion to the population. Additionally, traditional banking hours are limited, whereas fintech solutions are available 24/7, allowing customers to access services at any time, throughout the week.
In rural and low-density areas, banks often avoid opening branches due to lack of profitability. Many uneducated individuals in these regions struggle to communicate with bank staff and are hesitant to visit branches due to unfamiliarity with banking terms and processes. However, they feel more comfortable interacting with agents, as they can communicate without the same barriers. For banks, managing ATM machines is costly, with expenses including rent, electricity, security, and cash management. In contrast, fintech solutions are more cost-effective and provide valuable support to both customers and financial institutions.
Commenting on the same belief, Mr. Manish Kumar Goyal, Director, Chairman, and Managing Director stated his delight, he expressed, “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 model transforms local shops and merchants into financial hubs. Through its Micro ATM and AePS solutions, the company directly brings secure, efficient, and reliable banking services to communities, eliminating dependency on traditional ATMs or bank branches. Additionally, Finkeda facilitates utility payments, domestic money transfers, loan EMI collections, PAN card applications, and travel bookings—all under one roof.
By empowering local businesses with its technology, Finkeda not only simplifies banking but also boosts the economic role of merchants, making them integral to the financial ecosystem in their communities.
Finkeda’s mission is clear: ensure equitable access to financial services regardless of geographic location. The company’s efforts are not limited to transactions but extend to enabling financial independence for individuals in rural and semi-urban regions. Finkeda’s vision is to create a seamless and accessible financial network that bridges the urban-rural divide.
As part of its ongoing mission, Finkeda plans to further expand its reach and enhance its digital payment ecosystem to ensure that no community is left behind in accessing financial services. By bridging the gap between traditional banking infrastructure and underserved populations, Finkeda is paving the way for a more inclusive and financially secure India. Finkeda remains committed to empowering communities, driving financial inclusion, and transforming how rural and semi-urban India accesses banking services.
For more information about Finkeda and its services, visit www.finkeda.com.
About Finkeda:
Finkeda, a one-stop destination for digital banking and financial services, is an innovative personal finance management platform dedicated to empowering individuals to take control of their financial well-being. With user-friendly tools for budgeting, saving, investing, and tracking expenses, Finkeda aims to make personal finance accessible and effective for all. Driven by a mission to expand financial literacy and reach even remote areas, Finkeda is committed to transforming the financial ecosystem and helping people achieve financial freedom.
