PayNearby will waive business account opening fees for women entrepreneurs

Fintech start-up PayNearby has launched a “zero investment plan” for female last-mile entrepreneurs, on more than 20,000 PIN codes in the country. As part of this initiative, the company will waive business account opening fees in a bid to help rural women move closer to financial independence. The company currently charges Rs 1,000 as the cost of the corporate account for the purpose of creating and maintaining an account.

According to the company, this is an extension of its Independence Day campaign, Pragati Mahotsav, which celebrates the contribution of its business partners. He also added that he aims to onboard more than 10 lakh female entrepreneurs by FY24.

“This is part of a series of initiatives the company will be rolling out over the coming months to create a more empowered society. Very soon, PayNearby aims to partner with leading banks across the country and launch savings accounts and current bank accounts at a nearby store for SMEs and last-mile customers.This will ensure that every household in the country, including its women, will have easy access to opening and managing a bank account, which is crucial to last-mile financial well-being. The company is on a mission to double down on its commitment to creating a more inclusive and empowered nation,” PayNearby said in a statement.

“A country progresses when its women become equal participants in progress. While the pathways to women’s empowerment are many, one of the most important enablers is financial empowerment. It is important that women have access to digital and financial tools that allow them to better control their income and savings. With women as partners, this will ensure seamless delivery of accessible banking services to all sections of society while improving their social status,” said Anand Kumar Bajaj, Founder, Managing Director and CEO of PayNearby.

Jayatri Dasgupta, Chief Marketing Officer, said, “In India, nearly 48% of the rural population is female. However, due to societal construction and low literacy rates, they have little or no access to any form of financial services or employment. Today, only 27% of women in India are employed, of which only 13% are those running small businesses. For India to progress, women must come forward and participate. In such a scenario, the importance of financial and digital literacy for women at the last mile becomes very important.”

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