Forward-looking telcos are re-investing free cash flow generated through their high-margin core connectivity business to participate and grow in high-growth segments, mainly financial services.

Telcos have several unique strengths to win in the financial services industry:

1. The ability to leverage the significant customer base.
2. Capability to combine different services to offer advanced client management and bundled services.
3. Good reach as a result of higher mobile and internet penetration compared to banking, particularly in emerging markets.

twimbit recognises Bharti Airtel as the Best telco to ace “Financial Services”.

“Airtel Payments bank is providing equitable financial access to millions of underbanked customers in India.”

• Airtel Payments Bank, a subsidiary of Bharti Airtel, is one of the leading neobanks in India, offering retail banking services. With over 500,000 Airtel retail outlets serving as banking points, retail banking services have become accessible, even in rural unbanked regions.

• For workers from unorganised sectors, Airtel Payments Banks offers Atal Pension Yojana. This scheme aims to provide pension benefits and social security, offering a minimum guaranteed monthly pension between USD 13.60 and USD 67.28.

• All these factors have contributed to the growth of the neo bank in 2021:

1. It noted 75% increase in money deposits totaling USD 10 billion.
2. Airtel Payments bank took the market lead to implement this enhanced limit for its customers and started offering a lucrative 6% p.a on savings account deposits above Rs 1 lakh.
3. Airtel Payments Bank is one of the fastest-growing banks, with over 110 million users across the country and a merchant base of over 8 million.
4. The annual Gross Merchandise Value (GMV) is over USD 17 billion annually, and it turned profitable in the September quarter of 2021.

Full case study: Providing financial services to the unbanked

For the complete list of Asia Pacific telecom service provider winners: click here