Oxigen-SBI Kiosk Banks achieve 500 Crores of Banking transactions in its First year of operations.

Published on September 27, 2011 by News Desk   ·   17 Comments  Print This Post

INVC,,

Delhi,,

Oxigen, India’s first and largest payment solution provider  has made a foray into the much needed Financial Inclusion sector with  panache, by partnering with State Bank of India to deliver mainstream financial services to the  unbanked millions of India.
Using Kiosk Banking technology to open No Frills Bank accounts with domestic money transfer facility, Oxigen’s Kiosk banking business has reached 1 Million transactions in its very first year of operations. Oxigen already clocks more that 20 million transactions every month, for other aggregated services.
The company has achieved a record of Rs. 500 Crores Banking Transactions in the first 10 months of operation. With a record breaking monthly milestone of 100 Crores of Banking transactions alone, in August 2011, has made Oxigen the fastest growing company in the Business Correspondent industry.

Oxigen has deployed its proprietary service aggregation and transaction platform by enabling over 1400 new retailers as Business Correspondents for SBI’s Kiosk Banking CSP service.
Also, Oxigen has further enriched these retailers portfolio to provide to their customers Oxigen’s single point Recharge, Payment & Ticketing services. This combination of service aggregation coupled with Kiosk Banking services ensures the viability of these retailers, and helps them to successfully make faster transactions across multiple services.  
This aggregation of diverse services has been the Company’s greatest strength leading to an efficient and viable, retailer led managed ecosystem. It has also been the key reason why Oxigen has been able to achieve these accomplishments with a 67% rural deployment.

Oxigen has made new outlets to increase its footprint. It has currently covered 916 unbanked villages that have no rural bank branch presence to serve its population.
Oxigen’s banking services will multiply at a fast pace as it has plans to convert a large number of its existing retailer base of 1,00,000 into Banking outlets.
Oxigen plans to add 1000 urban CSP outlets and another 2000 unbanked villages, by March 2012.

Another major highlight through the CSP Banking Kiosk channel of Oxigen was the launch of the first electronic disbursement of Old Age Pension in Mannaparai block of Trichy district in Tamil Nadu. A service that was enabled by women CSP’s with an aim of Social Upliftment.
The Old Age Pension program entitles eligible senior citizens to Rs 1,000 of government welfare benefit on a monthly basis. These benefits have historically been delivered in cash and is prone to numerous challenges, like Pension not reaching the intended party, timeliness of Pension delivery and completeness of pension amount. In order to prepare for the launch 11 CSPs were identified of which the final 2 were activated within a span of 8 hours.
6 of these CSPs are women who belong to the village and have taken up the post in order to uplift the lives of their fellow villagers.
In the following 3 weeks, 3,300 Pension accounts were opened; ID cards were printed and delivered. This disbursement was remotely inaugurated by the Chief Minister of Tamil Nadu on September 2^nd, 2011 and by the 17^th of September, Oxigen had successfully delivered pension to over 95% of the pensioners, totalling Rs 32 lacs, electronically.
The key to Oxigen’s success in Electronic Benefit Transfer (EBT). Oxigen expects to leverage this success in many more states, not just for Old Age Pension, but all government benefits.

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