Making Each Paisa Count
Platforms and Financial Inclusion of Street Vendors
You might want to use headphones and relive your special memories of Kay Kay. RIP, Gone too soon.
DTW
During the Week, I read a news story from Maharashtra where more than 1700 street vendors under the Panvel Municipal Corporation (PMC) received monetary support under the Prime Minister's Road Vendor Self-Reliance Fund scheme. Telangana also has a proud distinction of achieving 100% target of loan disbursement under the OM SVANidhi scheme for street vendors.
I have written about our Digital Street project with FES India office in my earlier newsletter where I discussed Risk mitigation, Income generation, Skill Building and Empowerment of street vendors through digital technologies.
One of my earlier research paper co-authoured with Vishal Mishra argues that well designed financial services can go a long way in ensuring inclusive growth in developing countries like India.
A key agenda of policy-makers in both the developing and the developed worlds is to have an inclusive growth. Financial services have been recognised as one of the fundamental services that have the potential to achieve this objective and help move towards a more just and equitable society. This paper attempts to assess the impact of three information and communication technology-driven initiatives in the field of financial services by differentiating them on the basis of service design. This study goes beyond the stated objective of these services and uses Sen’s capability perspective to study their impact across three non-economic outcome variables viz. literacy, service-specific well-being and empowerment.
The result of the analysis shows that service design plays a key role in increasing service literacy, improving service-specific well-being and empowering end users. The study suggests that the true challenge for providers (government and partner agencies) of these services is in designing a service that ensures a balance of structure and flexibility without constraining the choice of end users through innovative service blueprints.
-Shailendra Singh Bisht & Vishal Mishra (2016) ICT-driven financial inclusion initiatives for urban poor in a developing economy: implications for public policy, Behaviour & Information Technology, 35:10, 817-832, DOI: 10.1080/0144929X.2016.1183711
During our field work, we had observed the unique ways (read Jugaad) in which the informal sector workers were using traditional formal financial services. Most of the informal sector workers including street vendors are unbanked or underbanked in india. The latter has no or very basic access to essential financial services including credit, insurance or even remittances.
Numerous companies are trying to help fill the gap, which has led to a fintech boom for the informal sector. In fact many of the stories documented by IBS Hyderabad students during the #MillionVendorStories contest by Trice and Centre of Excellence for Digital Transformation at IFHE Hyderabad dealt with access to financial services including PaymentTech.
On 3rd June 2022, we witnessed fantastic celebration of Power of Story Telling by students of IBS Hyderabad through #MillionVendorStories project by Centre of Excellence for Digital Transformation and Trice Systems Private Limited in IBS Hyderabad Auditorium.
Million Vendor Stories aims to document visual stories of street vendors and highlight their success and challenges through short videos.
Shobu Yarlagadda , CEO Arka Mediaworks P Ltd was kind enough to join us to celebrate the conclusion of the first phase and recognise some of our own students who created these visual documentaries over the summer.
Best final entry was by DOT - Develop On Technology, followed by Maverick IBS and Gray Matters Club. Special award to Newswire - IBS Hyderabad for documenting maximum number of raw videos stories.
Thanks to all the student clubs at IBS Hyderabad for participating in the contest and their respective faculty mentors for their support and encouragement.Congratulations to all those who participated and learnt their business and life lessons from the street vendors.
OTW
Over the Weekend, I ran Sunday Long Run (SLR) with fellow runners from Hyderabad Runners Society. Many of us look forward to SLR to catch up with other runners from across the city and share personal and professional updates. SLR is almost like an institution for running community as it brings forth the best of Long Distance Running- camaraderie and volunteerism. Most of these runs are supported by fellow runners who sacrifice their own run and provide support along the route.
I am always amazed by their selfless service of bring in hot sun and helping their fellow runners with water, energy drinks and seasonal fruits/other healthy options.
BTW, the registration for the Annual Hyderabad Marathon scheduled on 27-28 August 2022 are open.
You may use this link to register. https://www.marathonhyderabad.com/register/
I Love You
Shailendra
OTM
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At Centre of Excellence for Digital Transformation, we are reaching out to experts who can contribute to Digital Street.
Digital Street aims to develop a framework for facilitating digital transformation of street vendors.
The Centre of Excellence for Digital Transformation (CEDT) at IFHE, Hyderabad is proposing to work on a project titled “Digital Street” in collaboration with Friedrich Ebert Stiftung (FES). This action research project focusing on digital transformation of street vendors in the tourism industry is proposed to be conducted between May 1, 2022, and November 30,2022. Please let us know if you would like to contribute to the project.
Next events would be held at Kolkata, Bengaluru, Dehradun, Jaipur and Hyderabad over next few months.
The likely participants may have experience in digital transformation, informal sector, travel technologies, Tourism, street vendor issues amongst others. They may come from government, academics, consulting, corporate, policy making, start ups, non-profit and advocacy groups. I would also request you to also recommend experts and stakeholders for the project.
Please reply to this email with a copy to your recommended guests OR alternatively, fill in the Google Form to help us to contact them directly.