Tootle and UNCDF Sign an Agreement For Door to Door Financial Services

Tootle, a startup providing motorcycle sharing service in Kathmandu, and the United Nations Capital Development Fund’s (UNCDF) Mobile Money for the Poor (MM4P) program have signed a grant and a technical assistance agreement, reports The Kathmandu Post.

Why it matters:

• With this agreement, the pilot project, “Doorstep Delivery of Financial Services (Roving Agents) and Driving Adoption of Electronic Payments through Delivery Service Use-Case” can be initiated in Kathmandu.
• The pilot will test the viability of this model and its potential to enhance the digital financial services ecosystem in the country.

The details:

• Both organization will use a network of bikers for the delivery of both financial and non-financial services such as package delivery, food delivery and more to retail customers.
• UNCDF uses grants and technical expertise to help companies test and scale up financial inclusion initiatives that use partnerships to reach low-income people.
• As part of its market development mandate, MM4P engages with payment service providers, banks and start-ups, but also regulators, government institutions and community-based organizations to develop, test and scale up financial inclusion initiatives that use partnerships to reach low-income people, a press release issued by UNCDF states.

What they are saying:

• “We hope our support to Tootle will be a triple success – customers can get financial services at their doorstep, drivers can make more money, and Tootle can build its business” said Abhay Pareek, UNCDF Digital Finance Expert based in Kathmandu.