FINO PayTech to facilitate meaningful Financial Inclusion in Kerala

FINO PayTech to facilitate meaningful Financial Inclusion in Kerala 

The firm’s biometric smart card based technology and branchless banking agent network has been servicing over 50 million customers across the country. 

Kochi November 21, 2012. Banking technology solutions provider and India’s largest business correspondent network operator FINO PayTech has today announced that it will soon be embarking on large scale operations in the state of Kerala. This announcement comes close on the heels of FINO PayTech being awarded the mandate for Kerala cluster to take forward the meaningful Financial Inclusion objective.  

It may be noted that Department of Financial Services (DFS), Ministry of Finance, had suggested the country be identified by 20 banking clusters. As per this approach PSU banks in each cluster will be serviced by a single business correspondent (BC), selected through a bidding process by each cluster’s lead bank. FINO PayTech participated in the ‘Common RFP for engagement of Business Correspondents & Technology Service’ for various clusters and won 7 of them, including Kerala, Tamilnadu & Puducherry. 

Making the announcement, Manish Khera, CEO, FINO PayTech said, “Ever since the inception of the BC model in 2006, we have been working with banks, insurance companies and governments in servicingmillions of people through dedicated technology architectures and last mile doorstep delivery channel. FINO PayTech provides access to a range of products to micro customers such as savings, loans, insurance, remittances and government payments. In this context, we are pleased to be associated with the state’s mandate for enabling meaningful financial inclusion.” 

“FINO PayTech has received a mandate to provide banking services to over 32000 villages, in the 7 clusters that it has won. This includes a combined 8651 villages in Kerala, Tamilnadu & Puducherry. At present, we are working with banks on the integration process and the solution complies with the interoperability guidelines of DFS. We are keen to take forward this mandate at a rapid pace and reach a customer base of 100 million by 2015,” added Mr. Khera.  

As the pioneer in creatingpaymentstechnology systems for facilitating branchless banking and effectively making BC model work, FINO PayTech has set benchmarks. Today, it reaches out to and impacts the lives of over 50 million customers through its affiliate FINO Fintech Foundation with over 30,000 customer service points spread across 26 states. With domain knowledge of banking and business models spread across geographies, FINO PayTech brings the advantage of its experience and enables smoother implementation that makes it a one stop shop for end to end micro banking solutions/services.   

FINO PayTech today offers practically all architectures of on-line, off-line, card based, non-card based, smart card, magstripe, AEPS, IMPS, IDRBT standards, etc. FINO PayTech architecture is enabled to service cash benefits through banking as well as the non-cash benefits to poor people namely PDS and micro insurance (RSBY) on the same infrastructure.  

With recent launches in Dudu and now in Ernakulum, FINO PayTech is reinstating the commitment in the space and position in the micro payments market. Our Aadhar Enabled Payment Systems (AEPS) enabled NREGS wages through Aadhar linked bank accounts in currently underway in Jharkhand.

About FINO PayTech:

FINO PayTech is India’s largest business and banking technology platform with extensive service delivery network enabling Financial Inclusion. FINO PayTech, created by a consortium of banks and other sectoral entities, works closely with banks, insurance companies and Governments in facilitating access to financial services to the unbanked and unnserved segments of the population. It services over 50 million customers spread across urban and rural areas in the country providing a range of financial services viz savings, remittance, insurance, credit etc. FINO PayTech aims to provide financial services using all available platforms that helps reach a large section of the population in an affordable way. (www.finopaytech.com)

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