PayNearby introduces ‘zero investment plan’ for women entrepreneurs
On the occasion of the 75th Independence Day, PayNearby, India’s leading branchless banking and digital network, has announced the launch of a ‘zero investment plan’ for women entrepreneurs at the last mile, across 20,000+ PIN codes. This comes as an extension of its Independence Day campaign, Pragati Mahotsav, which celebrated the contribution of its retail partners. In addition to accelerating the national vision of financial inclusion for all, this initiative aims to build financial independence among rural women of India by waiving business account opening fees and thereby inspiring women at the last mile to join the nation-building movement. The company aims to onboard 10 lakh+ women entrepreneurs by FY23-24.
With Sashakt Naari, Sashakt Samaaj, and Sashakt Desh at its core, the Women’s Sustainable Employment campaign looks to ensure that every household in India has a woman financially capable of taking care of her family and thus create an empowered society and an empowered nation. PayNearby’s ‘zidd’ is to upskill all women and bring them up the employment curve so that they contribute equally to the growth of the economy, to build a more inclusive and sustainable society.
Commenting on the development, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “A country progresses when its women become equal participants in the progress. While the pathway to women’s enablement is many, one of the most important facilitators is financial empowerment. It is important women have access to digital and financial tools that give them better control over their earnings and savings. With women as our partners, it will ensure seamless delivery of accessible banking services to every section of society while uplifting their social standing.
The path that we have undertaken toward the Sashakt Naari, Sashakt Samaaj, and Sashakt Desh mission is challenging. But then, the path to a greater good is always riddled with challenges. We believe that women are key to social change and PayNearby is extremely honored to be driving this Sustainable Employment campaign to help them realize their potential in creating a sustainable future. We would like to welcome all Self-Help-Groups and other like-minded institutions to join us in this journey so that we can maximize the reach of this campaign and empower as many women as possible. We want to empower at least 10 lakh+ women within the next 1 year with steady income opportunities so that they become the harbingers of change, and we are giving them the tools to make India an inclusive and stronger nation. PayNearby, Zidd Aage Badhne Ki!”
Speaking about the campaign, Jayatri Dasgupta, Chief Marketing Officer, PayNearby said, “While Pragati Mahotsav was an ode to PayNearby’s retail partners who are persevering to make Bharat a financially and digitally inclusive nation, the ‘Women Sustainable Employment’ campaign serves as its perfect finale. In India, close to 48% of the rural population is female. However, owing to societal construct and low literacy rate, they have very little or no access to any form of financial services or employment. Today, only 27% of women in India are employed, out of which women running small businesses account for only 13%. For India to progress, women need to come forward and participate. In such a scenario, the importance of financial and digital education for women at the last mile becomes very important.
The distribution of Free Business Accounts/banking IDs will allow women, in the rural hinterlands, to easily become the banking and digital points of their areas so that essential financial services can reach every home. With PayNearby, women will learn about cash management, savings, banking, insurance, and other financial services that will, in turn, bridge the gender gap at the last mile. As aware banking sakhis, these women will play a crucial role in acquainting people with financial services while furthering the cause of financial inclusion across the country and bringing all into the formal financial fold. The campaign is geared towards giving every woman in the country a new identity, a sustainable livelihood, and an opportunity to become self-reliant, a true reflection of our brand promise, Zidd Aage Badhne Ki,” she added.
The Women Sustainable Employment commitment which is the final leg of the Pragati Mahotsav is aimed to bring women from the confines of the home to the forefront of the economy. In the 75th year of India’s Independence, PayNearby hopes to build an equal opportunity platform for them to come ahead and contribute to its One Nation One Service ideology and take Bharat to the next level of growth and inclusion. Towards this purpose, the company is waiving the cost of the Business Account, currently priced at ₹1000, required to create and maintain the account. However, women partners will have to pay a bare minimum cost for the KYC completion.
This is one among a series of initiatives that the company will roll out over the next few months to create a more empowered society. Very soon, PayNearby aims to partner with leading banks in the country and launch savings and current bank accounts at a store nearby for last-mile SMEs and customers. This will ensure every household in the country, including its women folks, have easy access to opening and operating a bank account, something crucial to the financial well-being at the last mile. The company is on a mission to double its commitment to creating a more inclusive and empowered nation.