While the urban India is fast becoming accustomed to the idea of digital payments and payment gateways for their day to day needs. One startup that is working towards getting this facility out there for the large unbanked population is UmojaPay.
Based out of Indore and founded by Manan Dixit in the year 2015, UmojaPay is a revolution of sorts. India has a vast unbanked population, most of whom stay in the rural areas. Currently, the estimated unbanked population of India is 40%. Most of these areas are so remote that the banking system cannot reach there. Therefore they do not have the access towards digital payments and financial services neither offline nor online. Banks, wallets, and fintech companies have major focus upto Tier 2 & 3 cities. In rural or tier 4 cities their penetration is nil or low and operational viability is difficult for them. This innovative startup is reaching this unbanked segment through their retailer and PoS network which are enabling this segment to make digital transactions like bill payments, remittance facilities and mobile wallet, value added services (VAS) like recharges, ticket bookings, etc through the app UmojaPay.
Manan is Tech Junkie who has worked in IT companies like Tech Mahindra & Amdocs for 4 years. With working in IT Industry he understood the power of technology and the gaps it can fill in the Financial Literacy in India. Ariff is a serial entrepreneur who has co-founded ventures into Print Media, Outdoor Media, Radio Stations, Bakeries, etc. He comes from business background family and has been the visionary in the journey of Jambopay Express. Manan comes from small town near Khandwa district of M.P. and saw that people in this type of regions are still lacking the access to Digital Economy be it e-commerce transactions, Payments, Financial Services or Store Digitization. These people don’t get the access and exposure of such services. All they see is an Ad on the TV about the service but when it comes to accessing them from their home is a difficult journey. Hence, Manan discussed this problem prevailing in rural India with Ariff and embarked on narrowing this gap by building digital products & providing access to such services at low/no cost solutions. Ariff Manji is a serial entrepreneur with venture in Media, Radio, Tech space. He has also co-founded various other innovative startups like Mini Bakeries, Radio Rahma, Universal Broadcast, to name a few.
UmojaPay realized the fact that here is lack of basic infrastructure like power, network in rural areas, keeping this in mind we have brought in India’s First Solar Powered Manned Kiosk which can be installed in rural areas to provide financial inclusion services. Hence, they have installed more than 20 such kiosks in M.P. that is providing various kinds of financial services to people who are not familiar with technology and Banking operations.
Secondly, they are narrowing the gap of Micro Digital Payment space by providing single platform for the Merchants to accept payments, digitalise their operations & provide VAS services using Bharat QR Code. They currently have a network of 800 touch points spread in 25 towns of Madhya Pradesh through which they are processing 15000-20000 transactions a month with an average ticket size of Rs 70/-.
They have been working only in the State of Madhya Pradesh as of now. As part of their future plans they are now looking to expand their reach to 10 States in coming 24 months with a Network of 20000+ touch points in these region. For this they are also taking the mentorship of Mr. Amit Pamnani, Mentor at Rethinkers Accelerator to scale their operations, increasing sources of revenue and having strategic alliances with other fintech & micro finance companies.