Online CSP offers cash management services, namely cash collection and cash disbursal services to Government Enterprises, Micro Finance Institutions and Large, Medium and Small Scale Enterprises. Online CSP uses its network of Online CSP counters, SimpliBank platform, mobile user-interface, authentication (OkeKey) mechanism to enable these services.
ASHA (Accredited Social Health Associate) workers have received incentives from the State Health Society by the use of Online CSP. technology. This project is being run with support from UNOPS-NIPI (Norway India Partnership Initiative). The Chief Minister of Bihar, impressed with the positive results of the model has asked that the model be scaled up across the State. Online CSP has also been approached by other state governments to replicate this project in their states.
Online CSP offers its distribution network of Online CSP counters, SimpliBank platform and technology to Saija Finance Private Limited, a Micro Finance Institute headquartered in Patna focussed on providing microfinance services for the urban and rural poor, as well as micro and small businessmen in the underserved geographies of Northern India – Bihar, Jharkhand, Delhi, Rajasthan, Chhattisgarh and parts of Uttar Pradesh and Madhya Pradesh. The solution enables easy and convenient loan repayment for Saija’s customers into their loan accounts with Saija via their nearest OnlineCsp Pvt Ltd. counters. This has lowered operating costs, reduced cash handling risk and enabled better and timely MIS and transaction reporting for Saija. Online CSP has been approached by other MFIs to offer this service.
Online CSP provides loan collection using mobile money transfer to Centre for Development Orientation and Training (CDOT) . CDOT is a Bihar based Micro Finance Institution. CDOT’s mission is to “To empower the underprivileged by providing a range of financial and other complementary services with a trickle down impact”. Other than credit, CDOT also provide bouquet of insurances products which includes life, accidental and cattle insurance to its clients, in collaboration with different insurance companies. CDOT customers deposit their loan instalments to CDOT via Online CSP counters.
Key benefits realized by C-DOT are savings in operating costs, better time utilization of field staff, reduced cash risk and reduced cost of cash insurance.