Mumbai-based Finhaat, a financial product delivery platform targeting the underserved rural population, has announced a strategic partnership with Nidhi Companies in Maharashtra. This collaboration aims to bridge the gap in insurance penetration amongst rural communities by leveraging the existing reach and trust of Nidhi Companies.

Finhaat's mission is to provide the emerging middle-class and lower-income segments with easy access to financial products, promoting financial inclusion and empowering communities. Through its innovative assisted digital model, Finhaat connects product partners with distribution channels like Nidhi Companies to reach the target population effectively.

Nidhi Companies, with their long-standing presence and established trust in Maharashtra, are ideal partners for Finhaat's expansion plans. Traditionally focused on savings and lending, Nidhi Companies have not previously offered insurance products. This partnership presents a unique opportunity for both parties:

• Nidhi Companies can:
  • Offer relevant and affordable insurance products to their members.
  • Enhance their service offerings and attract new members.
  • Leverage Finhaat's digital platform for efficient product delivery and claims management.

• Finhaat can:
  • Gain access to a vast network of Nidhi members across Maharashtra.
  • Offer curated insurance products tailored to the specific needs of the rural population.
  • Utilize the existing trust and understanding of Nidhi Companies to promote financial literacy.

Vinod Singh, Co-Founder & CEO of Finhaat, believes this partnership will significantly impact the underserved communities of Maharashtra. He highlights the lack of suitable financial products and the need for trusted guidance in these segments. Finhaat seeks to address these challenges by:

• Providing fully digital claims platforms for curated products.

• Offering comprehensive support through staff and agent training.

• Facilitating onboarding and post-sales processes, including claims settlement.

• Extending local-level marketing support to generate awareness.

The partnership has already seen success in regions like Nashik, Aurangabad, and Konkan. Finhaat plans to leverage this momentum and expand its reach across the state, empowering more communities with access to essential financial products.

This collaboration between Finhaat and Nidhi Companies represents a positive step towards financial inclusion in rural India. By combining their expertise and resources, they can create a sustainable and impactful model for empowering communities and improving their financial well-being.

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