Chennai : Dvara KGFS, an NBFC operating in remote rural areas of India, has announced the acquisition of ‘TransactNow’ digital platform from Transact Nexus Tech Private Limited, an early phase tech start up providing digital financial services to the unbanked & underserved population of India through an acquihire mode. With this, Dvara KGFS is starting a new Channel – KGFS Digital which will foray into the agent driven business model providing a vast array of financial services to rural customers through Agent Touch Points located in close proximity to the villages in line with the Omni-Channel Strategy envisaged by Dvara KGFS.
The Covid-19 pandemic has played a major role in Dvara KGFS’s operations to adapt and evolve digital technology based on its observations in customer behavioural patterns. As per IMAI, India has more rural internet users than urban users and thus this upgradation is to ensure that banking process are made easy and simple for the people in the rural areas with technology.
Dvara KGFS intends to on-board over 40,000 retail agents across the operating districts in the next 3 years who would be using its agent app KGFS Mitra, to offer a wide array of services including Mobile & DTH Recharge, payment of Water, Electricity & LPG Bills, Bus & Train Ticket Booking, Domestic Money Transfer Cash withdrawals & Balance Enquiry using AEPS (Aadhar Enabled Payment System) and many more apart from customer being able to avail & service Dvara KGFS offerings- loan, savings, insurance & investment products through these Digital Agents.
Mr. Joby C O, CEO, Dvara KGFS comments, “We are excited about the acquisition of TransactNow. The team and technology will help us to scale up our Digital channel – a network of agents offering all our products with great amount of transaction convenience to customers in the close proximity of their village. We are hoping that this initiative would help customers avoid travel during the pandemic and avail all financial services in their village. KGFS Digital, the new channel led by Mr. Sathishkumar, will start scaling up the agent network very soon.”