PayMate, an Indian mobile payments company, and IFMR Rural Finance, an operating model of the Indian Institute for Financial Management and Research (IFMR) Trust, recently announced an agreement to launch a suite of financial inclusion projects through IFMR’s local financial institutions (LFIs) Kshetriya Gramin Financial Services (KGFS). The initiative involves enabling mobile money transfer along a corridor including Delhi and the state of Uttarakhand. It will also pilot a microloan repayment project in the state of Orissa. Commenting on the launch of these initiatives, Mr Ajay Adiseshann, managing director of PayMate expressed, “[mobile technology] is a potent tool to create a financial ecosystem for the under and unbanked masses.” PayMate operates in partnership with 15,000 merchants in the US, India, Sri Lanka, Nepal and the United Arab Emirates. As of March 2011, KGFS reported a gross loan portfolio of INR 560 million (USD 12.5 million).
By Jacqueline Foelster, Research Associate
About PayMate: Paymate is an Indian online payments facilitator. It offers customized mobile payment solutions for approximately 15,000 merchants in the US, India, Sri Lanka, Nepal and UAE.
About Institute for Financial Management and Research (IFMR) Trust: Established in 2008, Institute for Financial Management and Research (IFMR) Trust is a nonprofit organization whose mission is to “ensure that every individual and every enterprise has complete access to financial services.” IFMR Trust carries out its mission through the following five subsidiaries: IFMR Capital, IFMR Mezzanine, IFMR Rural Finance, IFMR Ventures and Kshetriya Gramin Financial Services (KGFS) Capital Partners. As of March 2010, IFMR Trust reported total assets of INR 2.06 billion (USD 45.8 million).
Source and Additional Resources:
[1] Business Standard, “Paymate, IFMR tie up to drive financial inclusion”, http://www.business-standard.com/india/news/paymate-ifmr-tieto-drive-financial-inclusion/433688/
MicroCapital.org Brief, November 1, 2010, “Institute for Financial Management and Research (IFMR) of India Rolls Out Interactive Map for Subsidiary Microfinance Institution Kshetriya Gramin Financial Services”, https://www.microcapital.org/microcapital-brief-institute-for-financial-management-and-research-ifmr-of-india-rolls-out-interactive-map-for-subsidiary-microfinance-institution-kshetriya-gramin-financial-services/
MicroCapital Universe Profile: Institute for Financial Management and Research (IFMR) Trust, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=IFMR+Trust
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/tiki-index.php
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