Commonwealth Inclusive Growth Services Franchise Cost – How to get, Contact, Apply, Fee

Commonwealth Inclusive Growth Services (CIGS): A Business Model You Cannot Let Go

Commonwealth Inclusive Growth Services Ltd (CIGS) is a transformative organization that has been at the forefront of delivering inclusive and sustainable financial services across India. Established with a mission to undertake economically viable and socially uplifting activities, CIGS focuses on addressing the banking needs of the unbanked and under-banked segments. Since its inception, the company has made significant strides in expanding financial inclusion by bringing banking services to rural areas and underserved communities. With an unwavering commitment to social and economic development, CIGS continues to revolutionize the way financial services are delivered to India's vast and diverse population.

Over the years, CIGS has successfully aligned its operations with national initiatives like the Pradhan Mantri Jan Dhan Yojana (PMJDY), a financial inclusion program launched by the Government of India. The company's unique approach has allowed it to expand its footprint to over 6000 villages across the country, providing vital banking services to more than 3.5 million customers. CIGS' operations have not only contributed to financial inclusion but have also empowered local entrepreneurs by managing over 3000 micro-entrepreneurs acting as customer service points in over 15 states. These micro-entrepreneurs serve as critical touchpoints for customers, helping them access banking services while also driving local economic growth.

CIGS offers a wide range of financial services, including deposits, withdrawals, money transfers, issuing RuPay debit cards, and offering insurance products approved by partner banks and the Reserve Bank of India (RBI). The company's dedication to financial inclusion, coupled with its vast operational reach, makes it a key player in the financial sector, providing services that are crucial for the growth of India's rural and semi-urban economies.

Kiosk Banking: Expanding Horizons with a Unique Business Opportunity

As part of its ongoing efforts to expand its operations, CIGS has introduced an innovative business model called Kiosk Banking. This initiative offers a unique opportunity for reputed retail outlets to become part of the financial inclusion movement while simultaneously boosting their income and reputation. Through the Kiosk Banking scheme, retail outlets can offer a range of banking products and services from a public sector bank, bringing financial services directly to the doorstep of customers.

Kiosk Banking provides retail outlets with the chance to leverage their existing infrastructure and customer base to offer a variety of banking services that are essential for everyday financial needs. Retailers can enhance their business by becoming a one-stop destination for a range of banking services, providing value-added offerings to customers and strengthening their relationship with the community. This business model not only helps promote financial inclusion but also allows retail outlets to tap into a lucrative source of income by offering banking services alongside their regular retail offerings.

Range of Services Offered Through Kiosk Banking

CIGS offers a comprehensive suite of banking products and services through its Kiosk Banking initiative. These services include:

1. Account Opening: Retail outlets can help customers open new bank accounts easily. The process is quick and hassle-free, providing customers with access to banking services that were once out of reach for many in rural areas.
2. Biometric Capture: A key feature of Kiosk Banking is biometric verification, which enables customers to authenticate their identity using biometric data, ensuring a secure and seamless experience.
3. Online Opening of Recurring Deposit (RD): Customers can open recurring deposit accounts online, allowing them to save regularly and earn interest over time, promoting financial discipline and savings.
4. Aadhaar Seeding: Retailers can assist customers in linking their Aadhaar card to their bank accounts, making it easier for them to access government subsidies and other welfare programs.
5. Term Deposit (Mobilization): Retail outlets can also assist in mobilizing term deposits, enabling customers to invest in fixed deposits and earn higher returns on their savings.
6. Update Customer Number, Nominee Details, and More: Kiosk Banking services also include updating customer details, such as nominee information, ensuring that accounts are current and properly managed.
7. Cash Deposit and Withdrawal: Retail outlets can facilitate both cash deposits and withdrawals, providing customers with easy access to their funds without having to visit a bank branch.
8. Closure/Renewal of Fixed Deposits (FD) and Recurring Deposits (RD): Customers can request the closure or renewal of their FDs and RDs, making it easier for them to manage their savings accounts.
9. Money Transfer Services: Retailers can offer money transfer services, including:
• Cash to Account: Enabling customers to transfer cash to bank accounts.
• Account to Account: Facilitating inter-bank transfers between customer accounts.
10. Bill Payments: Kiosk Banking allows customers to pay utility bills, including electricity, water, and gas, helping them manage their household expenses more efficiently.
11. Remittance Services: Retail outlets can assist customers with remittance services, allowing them to send money across the country quickly and securely.
12. Self-Help Group Formation: Retail outlets can help facilitate the formation of self-help groups, which provide financial empowerment and access to microfinance for local communities.
13. Insurance and Pension Products: Kiosk Banking services also include offering various insurance and pension products, which provide financial security to customers and help them plan for the future.
14. Loan Products: Retail outlets can provide customers with access to loan products, including personal loans, business loans, and microfinance options, supporting local economic development.

Franchisee Profile: Who Should Join Commonwealth Inclusive Growth Services?

CIGS is seeking dynamic and motivated individuals to partner with the company as franchisees. The ideal candidate should possess the following qualities:

1. Zeal to Become a Successful Entrepreneur: Franchisees should have a strong desire to succeed as an entrepreneur and an eagerness to contribute to the financial inclusion movement. A passion for empowering communities and providing essential services is key to thriving in this role.
2. Desire to Work with a Reputed Name in the Industry: Joining CIGS means partnering with an established and respected brand. Franchisees should be excited about working with a reputable company that is already making a significant impact in the financial services sector.
3. Entrepreneurial Excellence and Sound Managerial Skills: Franchisees should possess strong managerial skills, including the ability to manage daily operations, lead a team, and maintain excellent customer relationships. Entrepreneurial excellence is essential for driving business growth and achieving success in this venture.
4. Commitment to Dedication and Hard Work: Franchisees must be ready to put in the effort and dedication required to build a leading brand. A willingness to go the extra mile to meet customer needs and achieve business goals is crucial for success.

Support and Benefits for Franchisees

CIGS provides comprehensive support and benefits to its franchisees to ensure their success:

1. Field Assistance: Franchisees will receive on-ground support to help them get started and run their operations smoothly. This assistance will ensure that every aspect of the Kiosk Banking setup is done correctly and efficiently.
2. Expert Guidance: Franchisees will have access to expert guidance from CIGS’ head office team. This support includes advice on operations, customer service, and best practices for maximizing revenue.
3. Marketing Support: CIGS offers marketing support to franchisees to help them promote their services and attract new customers. This includes digital marketing strategies, promotional materials, and other resources that can help build the brand and increase visibility.
4. High Returns on Investment: Kiosk Banking provides franchisees with a lucrative opportunity to earn high returns on investment. The range of services offered ensures that franchisees can attract a wide customer base, resulting in consistent revenue generation.