Signature projects

Empowering rural India: MSC’s strategic interventions for the Promoting Financial Inclusion through Community Platforms (PFICP) project

  • time Dec 28, 2023
  • calendar 1 min

MSC supports State Rural Livelihoods Missions (SRLMs) in four Indian states under the Promoting Financial Inclusion through Community Platforms (PFICP) project. We intend to use digital channels and platforms to enhance access to a broader range of financial products and services by self-help group (SHG) women.

MSC has been working on four key work streams to increase financial inclusion across four Indian states, Uttar Pradesh, Odisha, Madhya Pradesh, and Bihar, under the PFICP project. MSC engaged with State Rural Livelihoods Missions (SRLMs) and National Rural Livelihoods Mission (NRLM) to provide technical assistance to scale financial inclusion initiatives. MSC facilitated partnerships between SHGs and new generation, technology-led financial service providers from the private sector to support SHGs to offer their users a broader choice of financial products. We also extended support for digital literacy and behavior change communication. We built the capacities of SHG women to adopt and use digital channels for financial services.

We supported Uttar Pradesh SRLM to select 56,875 BC sakhis within six months. This resulted in financial services for around 42 million rural people. The operational BC sakhis have already facilitated around 2.3 million transactions with a flow of USD 69 million (INR 5.2 billion).

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