FINO PayTech
FINO PayTech
Increasing access to financial services for the under-banked in India.
BCTA MEMBERSHIP STATUS
Alumni
SECTOR
Financial Services
HEADQUARTERS
India
REGION OF INITIATIVE
Asia & Pacific
SDG CONTRIBUTION
RELATED NEWS
FINO PayTech promotes financial inclusion in India
FINO PayTech, a leading payments technology company and India's largest alternate channel for banking services, joined Business Call to Action (BCtA) with a commitment to scale up its business and banking technology platform as well as its branchless banking solutions in rural India. FINO PayTech is a for-profit business entity that is working to promote financial inclusion by providing low- cost and smart technology. As part of its BCtA commitment, the company plans to expand its existing platform to deliver a range of comprehensive financial service products. FINO's ground-breaking banking technology solutions and services are provided in key regions across India. Their value-added delivery services are designed and developed keeping in mind the needs of illiterate, poor and rural consumers. The company has pledged to serve 100 million under-banked customers by 2015 and to expand FINO PayTech services to 500 districts by 2015.
"Through its unique branchless banking and interest in deploying special technology for the underserved market, FINO is on the cutting edge for enabling financial inclusion in India," said Sahba Sobhani, Acting Programme Manager. We are pleased to have them join the Business Call to Action and share their critical expertise in India's employment and financial inclusion efforts. We are encouraged by the company's technology products and services that will go a long way to bridge the banked-unbanked gap.
Founded in July 2006 and headquartered in Mumbai, India, FINO PayTech has pioneered the bank-led model of branchless banking across India. FINO is not a bank, but rather a technology and operations provider that acts as a conduit between financial services providers and their customers.
The company has rapidly expanded and continues to play a vital role in bringing financial inclusion to the financially underserved population in India. FINO PayTech is also a key leader in enabling financial institutions to source and service low-value transaction customers and deliver financial services (savings, credit, remittances and insurance) effectively to customers doorsteps.
The company also generated local level employment in villages by increasing the banking agent workforce to 100,000 by 2015 and expanding its services to other key regions, including Bangladesh and Africa.