BANKIT’s Agent Model: Scaling Financial Inclusion Across 729 Districts

In a country that has millions who still have no access to even the most basic financial services, BANKIT is changing the inclusion model. With Amit Nigam as Executive Director at BANKIT, a groundbreaking FinTech startup to reach "the last mile" population, they are not only introducing financial services with a strong agent network, technology innovations, and exceptional knowledge of the pain points of rural India, but they are also empowering communities mentioned earlier as well. In this exclusive interview,

Nigam discusses how BANKIT is unlocking digital access and redefining community financial empowerment for India's unbanked and underbanked population.

Excerpts: 

What does BANKIT do, and how does it serve the unbanked population in India?

BANKIT is a leading FinTech startup on a mission to bridge the financial access gap in India’s rural and underserved regions. By building a robust digital ecosystem supported by local agents and tech-enabled services, BANKIT delivers essential financial tools to the last mile. The focus is on overcoming challenges such as digital illiteracy, infrastructure gaps, and geographic isolation. As of October 2024, BANKIT operates in 13,567 pin codes across 729 districts, with a growing network of 173,867 agents onboarded through 2024.

What financial services do you offer to promote inclusion?

We provides a wide portfolio of digital financial services, tailored to the unique needs of unbanked communities. Key offerings include:

• Domestic Money Transfer services across India

• Aadhaar Enabled Payment System (AePS) for withdrawals, balance checks, and mini-statements

• Micro ATMs for card-based cash withdrawals at local shops

• Utility Bill Payments via Bharat Connect (earlier BBPS)

• Mobile recharges, travel bookings, prepaid cards, and insurance services

In October 2024 alone, over 10.9 lakh customers used AePS, 31,501 utilized Mini ATM services, and more than 1.07 lakh paid bills through Bharat Connect—highlighting the platform’s growing impact.

Can you explain BANKIT’s business model and its growth strategy?

Our innovative Agent Model transforms shop owners and aspiring entrepreneurs into financial service providers within their communities. This decentralized approach ensures financial services are accessible even in the most remote locations while also generating employment. The company adds over 10.5 lakh customers every month and currently serves a base of 31 million users.

In FY23–24, BANKIT recorded revenue of approximately ₹169 crore. Key growth regions include Uttar Pradesh, Bihar, Maharashtra, West Bengal, Andhra Pradesh, Telangana, and Gujarat.

What revenue targets do you have for FY2025, and what will drive growth?

Our expansion is data-driven and focused on identifying and addressing financial service gaps in digitally underserved areas. With a strong foundation—173,867 agents and nationwide presence—we expect continued revenue growth in FY2025. This will be driven by product innovation, customer-centric design, deeper market penetration, and strategic onboarding of agents in untapped geographies.

How does BANKIT address the challenge of geographic isolation?

Our hyper-local agent network eliminates the need for long-distance travel to bank branches. Our micro ATM infrastructure and mobile-first approach turn neighborhood stores into banking touchpoints. Each agent is trained to perform core financial transactions, while real-time tech systems ensure seamless and secure operations—even in the most remote parts of India.

What technologies support your operations?

Big Data Analytics plays a central role in analyzing customer behavior and refining service offerings. Our tech stack also emphasizes usability—through comprehensive tutorials, user-friendly interfaces, and ongoing agent training programs. The goal is not just digital access, but digital fluency for both users and agents.

How are you ensuring compliance with data privacy regulations?

We take data privacy seriously. Our compliance strategy is rooted in clear user communication, transparent processes, and agent training. Every product is supported with multilingual tutorials, ensuring customers know how their data is used and protected. Our approach balances innovation with accountability.

What FinTech trends are influencing your strategy?

We see Big Data, AI-driven insights, and hyper-personalized financial services as key drivers of the future. The FinTech sector is evolving fast, and we’re committed to staying ahead through continuous market evaluation, rapid service innovation, and customer-first thinking. Our agility is what allows us to thrive in this fast-moving ecosystem.

What are your future plans for scaling and service enhancement?

Our focus is on deepening our rural reach and evolving our service suite based on real-world customer needs. Upcoming initiatives include affordable micro-insurance products (starting at just ₹2), expanded agent onboarding, and continued investment in training and tech innovation. BANKIT’s long-term goal is not just financial inclusion—but true financial empowerment.