Introducing Egalite TM
If you take time to sift through the coinage ‘financial inclusion’, what will emerge is a loud picture that calls for action. The term takes shape from grave realities – from lifetime debts to bonded labour to suicides to a quagmire of poverty. And it also represents a whole new opportunity to outstrip all these negatives. The opportunity of financial inclusion is of 2.5 million unbanked people across the world. The mission is not a customary opening of bank accounts. What is needed is a stirring up of financial activity that will eventually help us look beyond poverty.
Currently what hinders the movement is the sheer difficulty in its execution. Reaching marginalized people who live in the remote corners of the world is a challenge by itself. Setting up brick and mortar banking infrastructure is impractical. That’s where agency banking comes with the possibility of leveraging available rural infrastructures – corner shops, retail outlets and post offices. But operational and technical issues impede this as well. Being a financial and technology company, we at BFSI decisively thought we should create efficiency in the much required technology for financial inclusion.
BFSI comes with a background of over two decades in the financial sector of emerging markets. We put it our efforts, experience and expertise to develop Egalite – a powerful technology enabler for financial inclusion. Egalite combines the most potent combination of our times – mobile and technology. It defies the need for brick and mortar banking structures or even hand held devices. Egalite facilitates end to end banking with just a smart phone. Egalite, which means equality in French, is our key to touching the unbanked.