BusinessWire India
Bangalore (Karnataka) [India], October 6: Ujjivan Small Finance Bank (Ujjivan SFB), India's leading Small Finance Bank, and Haqdarshak (HQ), a social and financial inclusion enterprise, have joined forces to empower the nano and MSME entrepreneurs in the nation. Ujjivan SFB and HQ have developed a unique Financial Literacy Program to bridge the knowledge divide among Nano and MSME entrepreneurs. Through this programme, the Bank aims to reach around 15,000 individuals within the next three years.
The primary objective of this partnership is to equip the target audience with the necessary knowledge and tools to make informed financial decisions and minimise risks. The collaboration will provide access to government and welfare programs using Haqdarshak's technology-enabled model addressing last-mile connectivity. Haqdarshak's HQ App is designed to help citizens explore and apply for government and private welfare programs with trained community agents known as Haqdarshaks.
According to the Ministry of MSMEs, India's MSME sector is vital to the country's economic development, contributing approximately 30% of the country's GDP and employing approximately 1.1 Crore people; therefore, empowering them is crucial. This partnership also aligns with RBI's broader goal of fostering a financially inclusive and resilient society.
Many entrepreneurs in this industry need assistance with financial management, risk mitigation, and maximising financial resources. A comprehensive financial literacy programme will be conducted to recognise this need for participants identified by Ujjivan SFB. The programme will include in-person training on the exclusively developed content, hands-on exposure to the HQ app for scheme identification, and continuous skill development. The engagement will be through interactive elements and visuals, with monitoring through real-time data on applications, categories of programmes, and benefits channelled.
Aniket Doegar, Chief Executive Officer of Haqdarshak, stated at the time, "This is a huge partnership and a chance for us to generate a large-scale impact with Ujjivan SFB. The partnership will be an important step in India's effort to foster entrepreneurship. The commitment and expertise of Ujjivan SFB to provide banking services to unserved and underserved segments and provide innovative solutions for MSMEs will be crucial to the success of Haqdarshak's project. We are happy for the opportunity, which will allow us to amplify our impact by 10x. This programme will empower grassroots entrepreneurs and aligns with our vision of providing social security and financial inclusion to 100 million citizens by 2030."
Commenting on the partnership, Ittira Davis, MD & CEO, Ujjivan Small Finance Bank, stated, "Our commitment to our customers extends beyond providing banking and financial services. We believe that by offering financial knowledge and resources to Nano and MSME entrepreneurs, we can assist them in navigating the complexities of business and personal finance more effectively. The expertise and technology platform of Haqdarshak will be instrumental in reaching and assisting MSMEs nationwide. Our initiative aligns with our mission to promote financial inclusion and prosperity for all segments of society."
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