Bajaj Finance, Airtel collab to launch digital financial services platform

NBFC gains access to Airtel's customer database and transaction history

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Bajaj Finance has entered into a partnership with Bharti Airtel to create a digital platform for financial services.

 

With this pact, the telecom company will progressively offer most of the non-banking financial company’s (NBFC’s) retail financial offerings to all its 370 million customers.

 

“The platform will service 375 million customers and the over 1.2 million strong distribution network of Airtel through Bajaj Finance’s diversified suite of 27 product lines. It will use the distribution heft of more than 5,000 branches and 70,000 field agents,” Bajaj Finance said.

 

Airtel will initially offer Bajaj Finance’s retail financial products on its Airtel Thanks App. This is for seamless and secure customer experience, and later through its nationwide network of stores.

 

“The partnership is a significant step towards harnessing technology through financial inclusion,” Sanjiv Bajaj, chairman and managing director, Bajaj Finserv, posted on social media.

 

“The combined reach, scale and distribution strength of the two companies will serve as the cornerstone of this partnership and help us succeed in the marketplace. We are building Airtel Finance as a strategic asset for the group and will continue to invest in and grow the business,” said Gopal Vittal, vice-chairman and managing director (MD), Bharti Airtel.

 

“Today, we are trusted by over 1 million customers and our vision is to make Airtel Finance a one-stop shop for all the financial needs of our customers,” Vittal added.

 

So far, two products of Bajaj Finance have been piloted on the Airtel Thanks App and the companies expect to have four products of Bajaj Finance available on app by March.

 

These include gold loan, business loan, a co-branded insta EMI card and personal loan. Airtel will progressively offer close to 10 financial products of Bajaj Finance within this calendar year.

 

Airtel customers have the opportunity to apply for the Airtel-Bajaj Finserv Insta EMI card via the Airtel Thanks App and later through its nationwide network of stores.

 

Airtel-Bajaj Finserv EMI card provides access to a range of offers available to Bajaj Finance customers.