Ujjivan converts into small finance bank; picks FSS for “payments in a box”
Ujjivan Financial Services picks FSS for “payments in a box”
India-based microfinance entity Ujjivan Financial Services is converting into a small finance bank (SFB), and has signed for Financial Software and Systems’ (FSS) end-to-end payments solution.
Ujjivan will offer ATM services to the unbanked segment with biometric-enabled machines, underpinned by the technology from FSS. Customers will have access to financial services through their thumbprints, linked with their Aadhaar Cards (India’s ID cards).
Ujjivan’s ATMs will have a regional language option across 24 states. Customers will be able to withdraw amounts as low as INR 100 ($1.5).
FSS says it “is providing its ‘Payments in a Box’ solution to support Ujjivan with end-to-end payments technology infrastructure for launching its SFB”.
Ujjivan’s branches will also run financial literacy courses, live demonstrations and various programmes to get more people into the financial services system.
“Our primary goal is to reach out to the large unbanked populace through our SFB, and provide them with easy-to-use banking services that will help them build a better life,” says Samit Ghosh, CEO and MD of Ujjivan.
Ujjivan has been operating since 2005. It has a head office in Bangalore, around 470 branches, over three million customers and 8,200+ employees. In addition to financial literacy initiatives, it also runs various community development and disaster relief programmes for its customers in collaboration with Parinaam Foundation, a non-profit organisation.
