ECO System MFI
Nuspay™ Eco-System for the MFI Segment
Nuspay™ has launched a first of its kind community based project in the world, empowering the large MFI community in Bangladesh. Nuspay™ used its all encompassing Digital Payment Platform and the latest secure NFC payments solution to combine and offer complete overhaul and the management of half a million captive beneficiaries to migrate to an intelligent card based system whereby the MFIs’ entire disbursement to collections and deposits are being done in real time basis with such urban features as SMS and voice confirmation of transactions for the community. The members are gradually migrating to an intra-group money transfers, marketplace participation as the modules take root and the community gets attuned to the best in class payment infrastructure in the deep interiors where network connectivity, regular power supply as also access to banks, are a challenge.
Looking at this huge opportunity, many banks have evinced keen interest in joining the initiative as a probable stake-holder which will open up another regular banking channel to the community. Currently beneficiaries are transacting in the closed-user group for better and graduated adaptability to the rest of the community which is around 30 million. The 5 months long testing in the community has received very encouraging response and soon they are going to be a part of an unfolding history on Nuspay’s latest disruptive NFC based card system for this segment.