Accorn utilizes a network of local merchants, in areas where traditional banking usually doesn’t have a presence, to provide basic banking services. The agent is equipped with basic knowledge of the application and they get to provide banking services to the rural populace with just their mobile application.
Main reasons for being unbanked
Poor credit history
Lack of trust in mainstream banking
Problems with language and literacy
Unemployed or lack steady income
Major causes include
Give customers a bank they can trust – Agents reside in the same community as the customers so the level of trust in using the service is high.
A customer’s phone number is his account number
Any phone can serve as the agent’s digital bank, there are no technicalities involved.
Avenue for additional income on the part of the agent
No account opening or withdrawal limit
In four easy steps local merchant are onboarded as agents. This onboarding flow requirement focuses on the personal information and basic business info to sign up on the platform, he also has to verify his phone number and create a password and transaction PIN.