Entrepreneurs compete for the final award and resources to accelerate financial inclusion in India
MUMBAI, India, March 28, 2017 /PRNewswire/ -- Artoo, Badhti Bachat of Janalakshmi, Shram Sarathi, Suvidhaa Nanocredit and Swadhaar Saathi have been selected as finalists in the third wave of Inclusion Plus, a global competition, managed by Verb, Inc., for entrepreneurs to accelerate financial inclusion.
Over 100 entrepreneurs submitted innovative products, programs and services that increase financial inclusion for low-income individuals and families across India, all competing for a total of USD 150,000 in grant funding to scale their solution.
In the semi-final round, over 50 participants worked closely with MetLife PNB associates to refine their pitch and workshop their entries. Entrepreneurs advancing in the competition will have the opportunity to gain media exposure and to compete for the final award in April 2017.
ABOUT THE FINALISTS
Artoo's Intelligent Digital Loan Origination System is built to enhance the interaction between the agent and borrower. Their android and web-based system solution enables lenders to manage the end-to-end customer lifecycle on a single platform, which generates leads, originates loans, performs credit underwriting, and monitors and services borrowers.
Badhti Bachat - Janalakshmi
Badhti Bachat is a third party savings product (with DCB bank) for all Janalakshmi Financial Services retail and enterprise customers. It is a unique solution offering convenient collection cycles that are aligned to the customer's cash flow cycles. Badhti Bachat also provides cost free withdrawal and door step collections.
Shram Sarathi is a financial services institution that offers micro-loans, insurance, pension and savings to migrant communities. The lending model offers loans from 10,000 rupees for housing, agriculture, and smoothening of erratic cash flows. They also provide a financial literacy program, focusing on topics such as wage-related arithmetic and wealth planning for migrant communities.
Nanocredit offers instant credit facility to the bottom-of-the-pyramid segment with very little or no credit history. Nanocredit has a rich repository of transaction history for 35 million customers who have been engaged in various service transactions including remittances, payments of insurance premiums, ticketing, etc. and is mapped using Aadhaar's e-KYC (Know Your Customer) process.
The Swadhaar Group is creating an android-based illustrative "money management" tool to be used on low cost smartphones by sub-illiterate groups. The tool will allow the users to enter their income and expenses and track their financials. The participants can set goals and save money. The app will be distributed through peer educators, women from the community who are graduates of the financial education program.
On April 27, 2017, at the final event in Mumbai, the organizations mentioned above will pitch their solutions to VIP judges, be available for media interviews, and be awarded up to USD 100,000 in grant funding. To learn more about the competition, visit india.inclusionplus.com.
About MetLife Foundation
MetLife Foundation was created in 1976 to continue MetLife's long tradition of corporate contributions and community involvement. Today, the Foundation is dedicated to advancing financial inclusion, committing $200 million over five years to help build a more secure future for individuals and communities around the world. The Foundation's focus on financial inclusion will help low-income people and businesses gain access to safe, affordable, and effective financial services. To learn more about MetLife Foundation, visit www.metlife.org.
About PNB MetLife India Insurance Company Limited
PNB MetLife India Insurance Company Limited (PNB MetLife) has as its shareholders MetLife International Holdings LLC. (MIHL), Punjab National Bank Limited (PNB), Jammu & Kashmir Bank Limited (JKB), M. Pallonji and Company Private Limited and other private investors, with MIHL and PNB being the majority shareholders. For more information, follow us on Twitter @PNBMetLife1, facebook.com/PNBMetLife or visit www.pnbmetlife.com. The marks "PNB" and "MetLife" are the registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks.
About Verb, Inc.
Verb is a social enterprise that produces global social entrepreneurship competitions and delivers employee engagement in partnership with companies, foundations and governments. Verb competitions mobilize thousands of teams from around the world to solve the planet's most pressing social and environmental problems. Verb leverages its online platform, innovation expertise, and its global network of social impact organizations to produce an engagement experience unlike any other. For more information, please visit www.verb.net.
SOURCE Verb, Inc.