BANKIT has more than 1.2 lakh agent outlets across the country that serve more than 21 lakh customers in a month across 4856 pin codes. In an exclusive conversation with CXO Media & APAC Media, Amit Nigam, Executive Director & CEO, BANKIT, outlines its initiatives to promote financial inclusivity and practice a nuanced, data-driven approach to market expansion.
How is Bankit solving the financial inclusion problems?
BANKIT is revolutionising financial inclusion in India by creating an innovative ecosystem that addresses the fundamental challenges faced by unbanked populations. The company has developed a strategic approach that goes beyond traditional banking models, focusing on eliminating barriers of digital illiteracy, geographical isolation, and limited infrastructure.
By establishing a carefully crafted network of local agents and leveraging technology-enabled services, BANKIT brings convenient financial tools directly to underserved populations. The company’s mission extends far beyond mere service provision; it aims to empower individuals by providing them with the knowledge, tools, and opportunities to participate in India’s rapidly evolving digital economy.
What is the business model of Bankit?
BANKIT’s groundbreaking “Agent Model” represents a paradigm shift in financial service delivery, ingeniously combining entrepreneurship with financial inclusion. The model transforms local shop owners and aspiring entrepreneurs into authorised financial service agents, creating a decentralised network that penetrates even the most remote geographical regions. These agents become critical intermediaries, providing digital banking and payment services within their immediate communities.
This approach not only expands BANKIT’s operational reach but simultaneously addresses unemployment by creating meaningful earning opportunities. The effectiveness of this model is evident in the company’s impressive statistics: adding over 10.5 lakh customers monthly and maintaining a robust base of 31 million customers. By aligning business growth with social impact, BANKIT has positioned itself as a dynamic player in the fintech ecosystem, successfully converting potential market limitations into strategic advantages.
How many experience stores is Bankit planning to open in the near future?
BANKIT’s expansion strategy focuses on its agent network and digital service delivery rather than physical retail locations. The company is concentrating on penetrating underserved geographical areas through its existing agent network, which has already grown to 1,89,932 agents covering 14,685 pin codes and 14,234 districts as of March 2025.
What specific financial services does Bankit offer to promote financial inclusion?
BANKIT offers a comprehensive financial service portfolio designed to address the multifaceted needs of underserved communities. The services include domestic money transfer capabilities, Aadhaar Enabled Payment System (AePS) for cash withdrawal, balance inquiry, and mini-statement services, and Micro ATM services that transform local shops into accessible financial touchpoints. Customers can also pay utility bills through the Bharat Bill Payment System, make prepaid mobile recharges, and access specialised transactions like prepaid cards, travel bookings, and affordable insurance services.
In March 2025 alone, the effectiveness of these services was demonstrated by 11,26,724 customers using AePS, 28,528 benefiting from Mini ATM services, and 14,870 customers paying bills through Bharat Connect.
What revenue growth is Bankit expecting for FY2025?
BANKIT’s growth strategy for FY2025 is characterised by a nuanced, data-driven approach to market expansion. Having achieved a revenue of approximately 169 crores in FY 2023- 24, the company is systematically evaluating market conditions in digitally underserved areas and conducting comprehensive surveys to understand emerging customer needs. The growth methodology involves developing targeted solutions that directly address financial service gaps in rural and semi-urban landscapes.
By continuously adapting service offerings based on granular market insights and leveraging its innovative agent network, BANKIT is positioning itself for sustainable expansion. Key factors expected to drive financial performance include technological innovation, strategic market penetration, and a deep understanding of underserved market segments.
How does Bankit address the challenges of geographic isolation in extending its services to rural areas?
BANKIT’s strategy for overcoming geographic isolation is multifaceted and ingeniously implemented across the national landscape. By establishing an extensive agent network spanning every Indian state, the company effectively transforms local environments into accessible financial service points. Micro ATM services and mobile-based solutions eliminate the need for customers to travel long distances to access banking facilities. Each agent becomes a localised financial hub, equipped to handle transactions that would traditionally require branch visits.
The company’s technological infrastructure supports this decentralised model, enabling real-time transactions and comprehensive service delivery. By empowering local entrepreneurs and integrating advanced digital technologies, BANKIT creates a dynamic ecosystem that brings sophisticated financial services directly to communities’ doorsteps, addressing geographical constraints while building trust and familiarity with digital financial tools.
What is the expansion plan of Bankit?
BANKIT’s future roadmap is characterised by strategic, methodical expansion with a relentless focus on financial inclusion. The company plans to penetrate currently underserved geographical areas by conducting comprehensive market surveys and developing tailored solutions. The approach involves continuous evaluation of rural and semi-urban market needs to ensure service offerings remain relevant and impactful. By empowering more local entrepreneurs through its agent network, BANKIT aims to create a scalable, decentralised financial service ecosystem.
The aggressive customer acquisition strategy will continue with a nuanced understanding that growth is not merely about numbers but about actualising meaningful economic empowerment. Technology will remain a critical enabler, with ongoing investments set to surge across areas like training, tutorial development, and innovative service design.
Ultimately, BANKIT’s overarching vision extends beyond business growth and aims to create sustainable economic opportunities for marginalised communities.
Rajneesh De
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