- 2002 Led consortium to address challenges of scale in microfinance delivery
- 2003 Defined architecture for next generation financial service delivery to the poor
- 2004 Initiated branchless banking efforts in Uganda
- 2005 Demonstrated client demand and uptake for agent services
- 2006 Developed consulting arm to address growing demand
- 2007 Provided acceleration services to ICT companies emerging in the market
- 2007 In Uganda, paved the way for commercial entrants
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| History |
In 2002 when Sevak Solutions’ founders first targeted the transformative role technology could play in financial delivery to the poor, their work focused on conceptualizing and creating some of the essential ICT building blocks the microfinance industry needed to scale. The founders and their partners envisioned an interoperable distribution systems and innovative agent banking models for the delivery of financial services. At that time, these building blocks, - which are becoming widely recognized as essential to successful growth in the sector – represented uncharted territory and a new horizon.
In 2005, the founders formalized their work by incorporating Sevak Solutions as a non-profit organization. As we learned more about the essential elements for successfully linking the unbanked into emerging market opportunities, Sevak Solutions began advocating for shared technology infrastructures and outsourced service models. The company was instrumental in bringing together the first technology council for microfinance in 2007. CIOs, CTOs, and technology specialists from ACCION International, FINCA International, Grameen Foundation, Opportunity International, Unitus, and Women’s World Banking, now meet on a regular basis to collaborate in the realm of information and communications technology.
Sevak Solutions’ vision of an end-to-end financial transaction system or financial grid for the poor is one of the foundational elements underlying leading efforts in Africa, Asia, Latin America, and other regions of the world. Sevak was one of the few players to break trail in that uncharted territory, seizing the opportunity to explore these concepts, which are now proving themselves in the marketplace.
In 2008, the microfinance industry finds itself in a new stage of development, with an increase in capital investments and a range of new experts entering the market. Likewise, Sevak Solutions’ role continues to adapt to the changing environment. Our track record in the field and in international circles allows us to provide a much-needed link between those players that are interested in leveraging ICT for financial service delivery and the companies that are emerging to provide innovative solutions for underserved and unserved customers.
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