There are many ways to empower people. Offering them access to the formal banking system is one. The same applies to small businesses, as well. They, too, need access to formal funding sources if they are to survive and grow. Nominees for the Changemaker–Financial Transformation award do both. They also leverage digital technology to make India a less-cash society, offer financial access and of course, make payments easy.

The nominees for the Changemaker–Financial Transformation award are:

Bandhan Bank: The new kid on the block in India’s banking system has surprised many with the speed at it which it took banking to the unbanked — seven million and counting in just three years. Bandhan Bank has managed this by levaraging its vast experience in the microfinance space.

Centre for Digital Financial Inclusion: The CDFI’s strategic innovations track delivery of entitlements to beneficiaries and help engage with the excluded millions using mobile-based tools.

Kinara Capital: Its mission is to enable easy access to capital for small businesses. By developing a unique risk-assessment methodology, it is in a position to offer term loans and working capital funding up to ₹15 lakh without collateral security.

Oxigen Services India: One of the largest payment solutions providers in India, Oxigen Services has established a payment ecosystem that uses mobile technology to deliver payments and remittances in real time.

Paytm: It is India’s largest mobile payments and commerce platform. It has over 280 million registered users and has even started its own online marketplace.

The winners of the Changemaker awards will be announced at a function in New Delhi on March 16

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