Grameen Foundation urges to increase renumeration for Biz Correspondents

Social impact organisation Grameen Foundation India on Wednesday made a case for increasing and diversifying revenue or remuneration for business correspondents (BC) agents in India.

The Grameen Foundation India (GFI) presented four reports based on their previous work and future recommendations for the industry.

Under the report 'Assisted E-commerce and ONDC: A New Revenue Source for BC Agents in India', it highlighted the need for increasing and diversifying the revenue of BC agents in India, who provide financial services to underserved rural populations.

Under the 'Gender Mainstreaming in Business Correspondent Network - Grameen's I-CARE Framework', it said that I-CARE Framework will help to develop and share valuable insights on gender mainstreaming within BC networks for organisations working on financial inclusion.

Similarly, another report titled 'Women-Friendly Micro-Saving Products' focused on the innovative micro savings products geared towards women and how they can help the unbanked population and those at the bottom of the pyramid.

The report, 'Exploring the Effectiveness of Low-cost: Marketing Methods for Business Correspondents in India', highlighted the impact and key learnings from low-cost marketing initiatives conducted by GFI under BEADS, including Common Colour Branding and Whatsapp Video Marketing.

It discussed the challenges faced by BCs in India, who act as intermediaries between banks and unbanked populations, and the need for marketing to improve their visibility, reach, and effectiveness.

The issues were discussed at a conference on, 'Driving Financial Inclusion in India's Hinterland', organised by GFI in partnership with Bill & Melinda Gates Foundation.

The GFI, a wholly-owned subsidiary of Grameen Foundation USA, is a leading social impact organisation that specialises in designing and implementing innovative programs to help the poor access finance, livelihood opportunities, and health & nutrition information.