mobilizing prosperity Working with Indian Micro Finance Institutions towards the goal of Financial Inclusion
electronic banking for the rest of the world
The Bazari solution takes the most useful features of e-banking, long available to the developed world, and re-fashions them into a solution that works for the rest of the world. Where the developed world relies on computers connected to the internet, everyone else is getting by with mobile phones and SMS plans.
The Bazari SMS banking platform provides a low cost solution, that connects Indian MFIs with their customers via SMS, offering Financial Inclusion to the rest of the world.
The Bazari SMS platform can send receipts or notifications to each customer for every financial transaction that takes place. This allows an MFI to close the loop when conducting transactions with their customers, significantly reducing waste and the potential for fraud. MFIs can also send notifications directly to their customers, informing them of missed payments, changes in meeting times, or any other information the MFI may wish to convey directly to their customers.
Individual customers can interact with their financial accounts through a simple to use SMS interface. By sending an SMS with a simple key word, such as ACCT, to the Bazari SMS Gateway, customers can get their latest account information, which may include payment history, next payment information, or balance outstanding.
Individual customers can pay bills directly with their mobile phones. An MFI can make a small amount of credit available to their customers to pay some of their bills by SMS. By sending an SMS with a simple key word, such as AIRTEL 200, to the Bazari SMS Gateway, a customer can make use of that credit to pay the bill (or recharge the account). The Bazari platform coordinates the payment between the MFI and the payee.