FINO chosen for branchless banking program

FINO has been chosen to implement Microfinance Opportunitys financial education for branchless banking program,which is sponsored by The MasterCard Foundation.

The company is currently working to achieve total financial inclusion in India by providing an end to end technology payments platform as well as managing the cash on the field through its agents (bandhu) network spread across the country.

FINO is one of two companies in Asia selected for participation in the program,which will commence in June 2010 The program seeks to strengthen understanding of the value proposition of branchless banking,and formal financial products and services among low-income consumers. It also aims to build trust in understanding of technology-based tools such as smart cards,mobile phones and ATMs.

As part of the partnership,FINO will leverage its extensive network of business correspondents to teach low-income clients how to make the most of the financial services linked to their biometric smart cards.

Through the financial education for branchless banking program,FINO will increase clients awareness of formal financial services,strengthen demand for and active usage of savings products,promote asset-building and reduce over-indebtedness from local money lenders.

FINOs financial education program will contribute toward MFOs development of a financial education toolkit for branchless banking and implementation of a learning agenda for effective and large-scale integration of financial education into branchless banking.

Commenting on the partnership,Tarun Agarwal,Director of FINO Finetch Foundation,says We are pleased to partner with The MasterCard Foundation and Microfinance Opportunities in implementing their financial education for branchless banking program. We at FINO Fintech Foundation believe that financial education is a key strategy to address information gaps that can underpin barriers to adoption of branchless banking services among low-income consumers. Currently,in Asia,financial literacy levels are low among low-income households. Through financial education,people at the bottom of pyramid can become informed consumers. Financial education programs such as these can increase the ability of low-income people to more effectively manage their financial resources,build assets and access financial services.