This Note discusses potential opportunities for business correspondent network managers (BCNMs) to make their networks viable, other than optimizing use of agent networks, enhancing the business case by undertaking business facilitation activities, and leveraging customer service centers (CSC) infrastructure, which were discussed in India Focus Note 97.
The note highlights the need for BCNMs to be innovative to identify opportunity areas, expand their service portfolio, and offer a winning customer proposition. A focus shift to better leverage agent network infrastructure is also essential. Opportunities that BCNMs can pursue include:
Offering generic payments solutions such as over the counter money transfer, remittances, ticketing services, and utility payments;
Offering customized payments solutions such as government benefits transfer, payroll processing, MFI loan disbursements, and repayments;
Selling third party products such as insurance, pension products, and electronic top-up for mobile and DTH.
The note states that some of these opportunities are evolving and more complex to implement, while others are straightforward. BCNMs need to undertake the next steps to identify, assess fit, customize, and roll out additional products to translate these opportunities into revenue streams.