Driving financial inclusion through customer-centric research for Eko India

• Sep 25, 2025
• 2 min

India’s low-income, migrant, and unbanked populations have historically struggled with limited access to safe, affordable, and convenient financial services. Traditional banking channels often excluded these groups due to documentation-related barriers, limited reach, and high transaction costs. Against this backdrop, business correspondents and mobile-enabled solutions emerged as a crucial bridge to bring millions of underserved people into the formal financial system.

Eko India Financial Services, a business correspondent for the State Bank of India and ICICI Bank, took a leading role to solve this exclusion problem. It extended mobile banking and remittance services to vulnerable populations. Over time, the company processed more than 3.1 million transactions worth USD 410 million for 1 million-plus unique customers. A network of 1,600 Eko agents processed these transactions initially across Delhi, Bihar, and Jharkhand, and later in Uttar Pradesh and Maharashtra. Eko partnered with MSC in an engagement spanning eight years to sustain this growth and improve the delivery of services.

MSC conducted multiple rounds of customer- and agent-focused research to guide product development and operational strategies. We evaluated the usability and impact of mobile banking products, tested and refined pricing structures, assessed customer service quality, analyzed competition, and reviewed the effectiveness of marketing campaigns. We also advised on product launch strategies and agent support systems to ensure accessibility, trust, and customer satisfaction.

The sustained collaboration generated evidence-based insights that simplified processes, improved customer experiences, and strengthened agent operations. These contributions supported Eko’s continued expansion into new markets and advanced financial inclusion for underserved communities.

The Bill & Melinda Gates Foundation commissioned the project.