PayNearby to waive off business account opening fees for women entrepreneurs

Fintech start-up PayNearby has launched a ‘zero investment plan’ for women entrepreneurs at the last mile, across over 20,000 PIN codes in the country. Under this initiative, the company will waive off business account opening fees in a bid to help rural women take a step closer to financial independence. The company currently charges Rs 1,000 as a cost of the business account for the purpose of creating and maintaining an account.

As per the company, this is an extension of its Independence Day campaign, Pragati Mahotsav, which celebrates the contribution of its retail partners. It also added that it aims to on-board over 10 lakh women entrepreneurs by FY24.

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

“A country progresses when its women become equal participants in the progress. While the pathways to women’s enablement are many, one of the most important facilitators is financial empowerment. It is important women have access to digital and financial tools that give them better control over their earnings and savings. With women as our partners, it will ensure seamless delivery of accessible banking services to every section of the society while uplifting their social standing,” said Anand Kumar Bajaj, founder, MD & CEO, PayNearby.

Jayatri Dasgupta, Chief Marketing Officer said that, “In India, close to 48 per cent of the rural population is female. However, owing to societal construct and low literacy rate, they have very little or no access to any form of financial services or employment. Today, only 27 per cent of women in India are employed, out of which women running small businesses account for only 13 per cent. For India to progress, women need to come forward and participate. In such a scenario, the importance of financial and digital education for women at the last-mile becomes very important."

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