Niyogin Fintech Democratizing Financial Services for Rural India via API-First Infrastructure

"Banking should not be restricted only to Banks." This vision, shared by Tashwinder Singh, the MD & CEO of Niyogin Fintech, is at the heart of a revolution transforming rural India. By turning local Kirana stores into functional "Neighborhood Banks," Niyogin is bridging the massive infrastructure gap that prevents 800 million people from accessing formal financial services.

India's financial landscape has undergone a seismic shift over the last decade. The government's ambitious "Jam Trinity" (Jan Dhan, Aadhaar, and Mobile) initiative successfully brought 430 million previously unbanked adults into the formal banking system. However, while the bank accounts were opened, a massive service gap remained: rural India lacked the physical infrastructure—branches and ATMs—to actually serve these new customers.

This isn't just a fintech story—it's a masterclass in using API infrastructure to solve the "last mile" problem of financial inclusion for Bharat.

The Kirana Store: Bharat's New Banking Hub

The core of Niyogin's strategy is leverage. Rather than building expensive brick-and-mortar branches, Niyogin utilizes the existing network of 63 million retail stores in India. "Our motivation was to find a mechanism to provide access to banking using the existing infrastructure of Kirana stores," Singh explains. "We enable these stores to effectively become like a bank."

Through their technology arm, iServeU, Niyogin provides a simple Android-based app that retailers can download. Combined with a small, low-cost biometric device (costing between 600 to 1,500 rupees), a Kirana store owner can facilitate cash withdrawals, deposits, and money transfers for their community. For the shopkeeper, it's not just a service; it's income augmentation. Every transaction earns them a commission, sharing the revenue that banks pay Niyogin for serving their customers.

Building the "Fintech of Fintechs"

Niyogin doesn't just serve retailers directly; it operates as a sophisticated API infrastructure provider. Singh describes Niyogin as a "Fintech of Fintechs." Instead of hiring an army of 2,000 salespeople to visit every village, Niyogin provides the "pipes"—the technology and connectivity to the India Stack (NPCI)—to other enterprises and fintechs.

"We want to be the pipe owner," Singh says. "A distributor of soap who reaches 30,000 retail stores can use our tech stack to offer financial services to those same stores. They add value to their network, and we provide the infrastructure." This partnership-driven model allows Niyogin to scale rapidly without the unsustainable costs of a massive physical footprint.

Interestingly, the technology rides entirely on the India Stack created by the government. Niyogin provides the connectivity to this stack, extending banking capability from established banks directly into the neighborhood Kirana network.

Solving the MSME Credit Starvation

Beyond basic banking, Niyogin is focused on the acute capital starvation within the MSME (Micro, Small, and Medium Enterprises) sector. Through their NBFC arm, they provide credit solutions to small businesses that are often ignored by traditional banks. By combining their tech stack (iServeU) with their lending capability, Niyogin creates a holistic ecosystem for the underserved.

For a migrant laborer in an urban city, the service is life-changing. "They are not necessarily welcome in any bank," Singh notes. "They can't afford to spend half a day in a line because they are daily laborers. They can walk into a Kirana store powered by our technology, deposit cash, and the money instantly shows up in their family's account in their home village."

The "10 Million Dollar Education"

Navigating a large fintech "ship" requires more than just technical expertise; it requires a cultural willingness to take risks. Singh shares a profound lesson on leadership: "Don't be afraid of making mistakes. Corporate cultures often fear failure, but the biggest learning comes from mistakes."

He recounts a classic story from Ford: "A guy made a mistake that cost the company $10 million. He went to the CEO to resign, but the CEO said, 'Are you crazy? We just spent $10 million educating you. Why would we want you to leave?'" For Singh, this philosophy is central to building a team that is smart, fast-footed, and committed to the mission of democratizing finance.

The Future: Fintech of Fintechs

Looking ahead, Singh sees Niyogin expanding its "Fintech of Fintechs" model to help other companies monetize their networks during the "fintech winter." By knocking the physical infrastructure costs out of the equation, financial inclusion becomes a profitable, sustainable proposition rather than a philanthropic exercise.

"We are just scratching the surface," Singh concludes. "This is one of the biggest markets in the world. As technology becomes simpler and user experiences more straightforward, the neighborhood Kirana store will truly become the heart of India's financial future."

Key Takeaways

For Aspiring Entrepreneurs: Risk-taking must be supported by the ability to accept mistakes. Cultural acceptance of failure is necessary for innovation.

For Fintech Founders: The "last mile" isn't just about accounts; it's about service delivery. Technology that integrates with existing social hubs (like Kirana stores) wins over building new physical infrastructure.

For Investors: The "Bharat" opportunity is massive but requires efficiency. Low-margin, high-volume transactions at the bottom of the pyramid require API-first, scalable technology.

About the Guest

Tashwinder Singh is the MD & CEO of Niyogin Fintech, a leading Indian fintech company focused on financial inclusion and MSME credit. A veteran of the financial services industry with over 26 years of experience, Singh previously held senior leadership roles at Citibank and other major financial institutions.

Since joining Niyogin, he has spearheaded the company's transformation into an API-first infrastructure provider. Under his leadership, Niyogin acquired a controlling stake in iServeU, creating a powerful combination of technology and lending capability that serves over 20 million customers across India's rural heartland.