Eko – branchless financial services
- Year: 2010
- Award: World Summit Award
- Category: Business & Commerce
- Producer: Eko India Financial Services Private Limited
- Country: India
- URL: http://www.eko.co.in/
EKO is pioneering a low-cost technology and distribution infrastructure for banks seeking to viably extend financial services to non-banking customers. EKO’s ‘Simplibank’ platform connects a telecom infrastructure to the bank’s Core Banking System (CBS), leveraging a user’s cell-number as a unique identifier onto which the bank account number can be mapped.
With the mobile as the medium for banking, financial transactions are possible anytime and anywhere.
More than half of India’s population of over 500 million people has no bank account, due to the high cost of small value transactions. Delivering banking services through the mobile phone makes the cost of banking substantially cheaper and thus affordable for a broader population, simultaneously creating a viable business opportunity.
EKO – branchless financial services (Simplibank) provides a platform for universal financial access and micro-transactions in developing countries like India.