Walk us through your journey in the financial services industry since 2001. What inspired you to enter this field?
I started my early life as daily wage worker (by my choice, not compulsion). Soon, I realised that studying is an important part of life, and I returned home with a simple vision to study further, completed Post Graduation, where I filed my thesis on microfinance institutions. Later, I joined the same industry and came close to the real rural Bharat. After providing my services at different positions, I finally came to the decision of starting something of my own with a different view that could help other Non-Banking Finance Companies (NBFCs).
What were the biggest challenges you faced while setting up OceanPe Finance, and how did you navigate those?
The cost of developing a FinTech is generally too high, and we are not exceptions. We are currently in the middle of this challenge. We need more focus on process, that brings a change in the whole NBFC sector.
What inspired you to focus on providing financial services specifically for women? How does OceanPe Finance address the unique financial challenges faced by women in India?
When I started my early life as a daily wage worker, I reflected on my own life and the lives of women who worked in the same institution. I realised that financial independence is a crucial aspect of empowerment. As most of them were struggling to manage the household finances, they had limited access to financial resources and information. This experience sparked a desire in me to create a platform that would provide women with the financial tools and support they need to take control of their economic lives.
At a later stage, when I changed my mind and started my studies again, I also started my career in finance sector. During my research, I discovered that women, especially in developing countries, face significant barriers when it comes to accessing financial services. They often have limited financial literacy, and traditional financial institutions may not cater to their specific needs. This realisation solidified my commitment to create a financial services platform that would address these challenges and provide women with a safe, supportive and empowering environment to manage their finances.
Our mission is to bridge the financial inclusion gap for women, providing them with access to affordable financial services, education and community support. We aim to empower women to take charge of their financial lives, make informed decisions and achieve economic stability and independence.
What kind of financial products and services do you offer to help women achieve financial independence? Tell us the specific trends in how women approach financial planning and investments compared to men.
Women tend to be more risk-averse and conservative in their investment decisions, prioritising stability and security. They are deep thinkers in their financial decision-making process. They also tend to prioritise financial security and stability over wealth accumulation. Women often take a long-term view when it comes to financial planning, prioritising goals such as retirement, education and healthcare.
In your experience, what are the biggest barriers preventing women from accessing financial services, and how can those be overcome?
Lack of financial literacy and limited access to identification documents are the biggest barriers preventing women from accessing financial services. Moreover, women may be excluded from financial decision-making, or face restrictions on their economic activities and may also face discrimination or bias when accessing financial services.
What role do microfinance and small business loans play in empowering women entrepreneurs?
Microfinance and small business loans empower women entrepreneurs by providing access to capital for starting or expanding their businesses, as long as it supports income generation. These loans offer affordable credit options, easing the burden of high-interest rates and fees typically charged by local lenders.
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