A hundred countries now want to replicate India Stack—this is transformational, says Accion President Michael Schlein

India Stack has emerged as a global model for digital financial inclusion, said Michael Schlein, President of Accion. From Aadhaar and UPI to e-KYC, India’s digital public infrastructure is now being actively studied and replicated by nearly 100 countries, he said. A global nonprofit focused on building a financially inclusive world, Accion is among the leading early-stage backers of fintech companies serving underserved populations. Its work spans early-stage investing, advisory services for financial institutions and policy research, and over the years it has helped build nearly 300 financial service providers across 77 countries.
At the recently held Black Swan Summit in Bhubaneswar, Accion President, in an interaction with ET Online, spoke about why India—powered by its digital public infrastructure—now sits at the centre of Accion’s global strategy, and how innovations developed here are increasingly being exported to the rest of the world. Edited excerpts:

ET: What brought you to Odisha, and why do you see this region as important for your operations?
Michael Schlein (MS) : I run Accion, which is a global nonprofit dedicated to creating a financially inclusive world. We are very active early-stage investors in fintechs that reach people who are left out. We also have an advisory arm, where we work with banks and microfinance institutions to help them leverage technology, and we run a think tank as well.


We work all around the world. Over our history, we’ve helped build 285 financial service providers in 77 countries that now reach hundreds of millions of people. So I come with a global perspective. What’s happening in India—particularly the India Stack—is extraordinary. It is truly a model for the world. Everything from Aadhaar to UPI to e-KYC has been transformational. Nearly 100 countries are now trying to replicate some version of this digital public infrastructure.
A lot of what is happening here is the result of strong leadership, excellent regulation and a very intentional approach. What Odisha is doing, and what this conference represents, is exciting. This summit is really just the beginning.

ET: Do you see India’s model being replicated across Africa, MENA or ASEAN economies?
MS: About a dozen or fifteen years ago, I was on a panel and was asked: if I had a magic wand, what would I wish for financial inclusion?
I said I would wish that a hundred countries would try to replicate the India Stack. Today, that’s exactly what’s happening. So in that sense, my wish came true.

ET: Where does India figure in Accion’s global investment strategy today?
MS: We invest all over the world, but there is always a concentration in India—whether at the seed stage, Series A and B, or in financial institutions that are digitally transforming. The same applies to our advisory work.
India is almost always overweight in our portfolio. We are a global investor and try to stay diversified, but the opportunities in India are extraordinary. In fact, we often have to be more selective here simply because so much is happening.

ET: Are there areas where you think India’s ecosystem can still improve? How do you view recent policy and budget signals?
MS: I will answer this a bit differently. One concern I have is that many developing countries are trying to replicate what India has built, but they don’t have the same institutional capacity—particularly the depth of expertise that institutions like the Reserve Bank of India (RBI) bring.
We are doing a lot of work to help other countries learn from India’s experience, because reaching the next billion financially excluded people will be much harder than reaching the last billion.
The next billion are more rural, more agricultural, more likely to be women, smallholder farmers and micro-entrepreneurs. They are harder to reach and harder to serve. The earlier gains were largely urban.
There is still a tremendous amount the world can learn from what India has already achieved in building a truly inclusive financial system.