Eko India Financial Services Private Limited

About Eko India Financial Services Private Limited

Eko is a growing mobile money network of 3 million customers, 3000 agents, 10 billers, 5 MFIs and 4 banks for banking, payment and money transfer services. They have processed over 30 million transactions valuing over US$ 1.2 billion. Eko is a very technology driven company and the key to their solution is that they can do a secure financial transaction on any mobile phone without installing any app / downloads on the phone or SIM. They achieve this using an interesting and probably the world's least-cost ‘strong' 2-factor authentication and a user interface that is just dialing of numbers. This makes Eko globally unique to enable absolutely all mobile phones including ultra low-cost phones to do secure financial transactions. This universal user interface and experience is also helping Eko build a P2P network for payment and transfers.

Operationally in India, Eko works as “Business Correspondent” which is defined by the Reserve Bank of India as a 3rd party who can source and service customers on behalf of a bank beyond the branches. As an institutional Business Correspondent (BC), Eko links financial institutions to low-income clients via mobile phones and agents Customer Service Points (CSPs).  These CSPs are small retail shops that provide services available for walk-in customers at agent outlets, including the opening of interest bearing savings accounts, regular deposits, withdrawals, and domestic money transfer. Eko also partners with institutions to offer payment, cash collection and disbursal services.