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IFC Supports Electronic Payments Provider FINO to Extend Financial Services to Millions in India


In New Delhi:
Minakshi Seth
Phone: +91 11 4111 1000
E-mail:
mseth@ifc.org  

Surbhi Khatry
Phone: +91 11 4111 1000
E-mail:
skhatry@ifc.org


New Delhi, January 9, 2012—IFC, a member of the World Bank Group, is partnering with technology and services provider FINO to offer financial products such as insurance, remittance and deposit services to unbanked people in India who have limited or no access to financial services.

One of the major challenges in delivering financial services to the underserved is providing these services at affordable prices. FINO’s technology platform helps banks to launch multiple financial services, expanding access to finance while improving revenues for the banks. FINO aims to increase its reach to 100 million clients in the next three years by linking payments to a broader range of financial services.

“With IFC’s support, we expect to scale up significantly and redesign products such as remittance, deposit and insurance services for low-income groups,” said Shweta Aprameya, Vice President, Business Management and Growth, FINO. "We will use innovative technology while leveraging our agent network in the field. The key is to focus on low-income groups and treat the segment uniquely in terms of value per customer."

Jennifer Isern, IFC Manager for Access to Finance projects in South Asia, said: “Many of India’s poorest people remain beyond the reach of traditional financial services. IFC’s support will help address this need with FINO’s technology platform and extensive network of agents. We will help the company develop operational tools and products that can help them reach more clients in a sustainable manner.”

FINO is a business and banking technology platform with an extensive delivery channel to over 43 million clients across 24 states in India. The company’s model is to reach out to unbanked people and offer a range of products at affordable prices across technology channels rather than by traditional infrastructure-based delivery channels such as bank branches. To learn more about FINO, visit
http://fino.co.in

About IFC
IFC, a member of the World Bank Group is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities - all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
www.ifc.org

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