Eko
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Name of project: Eko: Analysis on viability of agent networks in India
Project partner: Eko, an agent company
Country: India
Coverage: Delhi and three other states
Date began: February 2009
Technology used: Mobile
Services: Remittances, savings
Clients: 500,000 customers in Delhi and Bihar
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About the project
CGAP continues to support Eko, an agent company in India, in the creation of an agent network to deliver savings and remittance services to new customers for State Bank of India. Agent locations are being set up in Delhi and rural locations in the state of Bihar. Delhi-Bihar major remittance corridors in India and Eko’s first stage goal is to capture market share. Bihar is among the poorest states in India. Eko has also developed a single-session USSD-based for (GSM) and “missed call” (for CDMA) application that draws on the customer behavior of “missed call” in India. Using their phones clients can open accounts, deposit and withdraw cash at a series of customer service points. Clients can transfer funds at any time and from anywhere on their phone.
Status of project
CGAP and Eko completed the first phase of the project which was primarily focused on developing a business model and making improvements on Eko user interface. Eko has also established a partnership with the State Bank of India, the largest commercial bankin the country, to offer basic banking services over Eko’s channel. Eko has also established multiple other partnerships with technology vendors, mobile operator(s) and marketing firms to drive its business. In late 2009 and into 2010, Eko has begun to grow substantially rising to nearly 50,000 clients by March 2010 a ten fold increase over the quarter. Eko is now seeking to raise a new round of equity investment to drive its business past the incubation phase towards full commercial viability.
For more information please write to us at technology@cgap.org.
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