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Fintech Study to Model a Financial Inclusion Lab

CIIE and MicroSave conducted a research on the fintech landscape in India.

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CIIE and MicroSave conducted a research on the fintech landscape in India. The aim of the study was to identify support areas for fintechs to offer convenient and affordable financial solutions to the low- and middle-income (LMI) segments.


● For the research, we consulted more than 60 stakeholders working across different industry segments, institutions, and leadership levels.

● The current landscape suggests a growing influence of fintechs in India. However, growth and investments are skewed towards payments and credit, and in a few metro cities.

● Most fintechs serve the affluent, tech-literate customers in Tier-1 geographies, leaving over 80% (320M) of the addressable LMI market untapped.

● While the LMI segments offer a blue ocean for different stakeholders like fintechs, investors, donors and incumbents; there exists significant disconnect between fintechs and investors, and fintechs and incumbents.

● The LMI segments prefer convenience over affordability, and struggles to adopt and use digital platforms to avail financial services. These financial services include payments and transfers, credit (consumer and business), insurance, and savings and investments.

● Most incubator and accelerator programmes in India are sector-agnostic, and offer standardised, light-touch support with no focus on the LMI segment.

● MicroSave and CIIE propose to set-up a ‘Financial Inclusion Lab’ to provide high-touch consulting, catalytic support, and customised services to early- stage fintech start-ups in India. As of 2022, FI Lab is running its 6th cohort.

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