Grameen Foundation for Social Impact, a not-for-profit organization, and Open Network for Digital Commerce (ONDC) have signed an MoU to drive socio-economic development and digital inclusion for diverse business entities.
Members of Farmer Producer Organizations (FPOs), nano, micro, small, and medium-sized companies (NMSMEs), self-help groups (SHGs), women entrepreneurs, start-ups, and similar entities would have access to a plethora of economic options through such onboarding. Together, Grameen and the ONDC Network aim to hasten digital inclusion and support the expansion of these organizations' and their members' businesses.
Bharati Joshi, Interim CEO, Grameen Foundation for Social Impact, stated, “We believe in investing in the power of the poor, especially women, so that they can ensure a quality life for themselves and their families. We see the ONDC Network as a natural collaborator in bridging the gap in information and market access and blurring digital boundaries for the last mile.”
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Shireesh Joshi, Chief Business Officer, ONDC, said, “The ONDC Network is committed to fostering an inclusive digital ecosystem that provides equal opportunities for businesses of all sizes and backgrounds. By breaking down barriers, we are empowering diverse entities, from nanoenterprises to women entrepreneurs, to thrive in the digital economy. Together with the Grameen Foundation for Social Impact, we are looking forward to democratizing the digital economy and ensuring that its transformative power reaches every corner of our society.”
ONDC is also in talks with banks and other fintechs, such as HDFC Bank, IDFC First Bank, and Karnataka Bank, as per the Economic Times. Through this collaboration, it plans to reportedly give unsecured loans and GST invoice loans to small-scale merchants and retailers in backward sections of the country as well. The platform already has five loan service providers, which include DMI Finance, Aditya Birla Finance, and others.
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