South African lender FirstRand’s CEO for
retail and commercial banking in India, Bobby Madhav, has revealed
that the bank plans to enter the Indian unbanked consumer segment
with an e-wallet proposition.
Madhav told livemint.com that the bank has
“scouted the market [and] found an opportunity within the non-bank
sector”.
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He said:
“[We are] really looking at INR10-15 lakh
($1,904 – $2,857) earners and looking at that space where there are
unbanked people… We found that with our technology back home, in
terms of [mobile] phones, e-wallets, etc., there’s a bucket of
products that we can bring to this market and it is very
niche.”
He added that the bank is working on the development of a wallet
“which will be ready by July”.
The full interview can be found
here.
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