Financial Information Network & Operations Ltd (FINO), a leading technology solution cum services provider focusing on achieving total financial inclusion, has been recently awarded the most coveted Financial Times Sustainable Banking award in the ‘Banking at the Bottom of the Pyramid’ category with 156 entrants from 110 institutions across 44 countries. The awards, organized by the Financial Times and International Finance Corporation (IFC) were announced at a ceremony in London on 3rd June attended by more than 250 senior bankers and industry leaders in the area of sustainability from all over the world.
FINO was bestowed with the ‘Banking at the Bottom of the Pyramid’ following a stringent multi-layered selection process involving a high-level judging panel comprising leading experts in sustainable finance. FINO was the only organization selected from India in this category for providing branchless banking solutions to the unbanked people and bringing a remarkable change in the lives and financial habits of the unreached through its well established BC model.
Expressing his delight on receiving the award, the CEO of FINO, Mr. Manish Khera, said “The award emphasizes the growing importance of sustainability in banking for wider society. Winning it provides welcome international recognition and encouragement for our pioneering role within the banking sector and our successful, transparent and sustainable banking model which has playing a paramount and significant role in Rashtriya Swasthya Bima Yojana, NREGA and other such government initiated programme for financial Inclusion . This recognition will only make us endeavor to raise the bar and do better with every passing year. As a nation we need to continuously challenge ourselves in areas of inclusion and acceptance. Financial literacy is the key to financial inclusion.”
Commenting on the news, FINO CFO Mr. Rishi Gupta, said, “We are delighted to receive this award. The award stands a testimony to our commitment to financial inclusion of people at the Bottom of the Pyramid. I sincerely appreciate the efforts being put by all financial institutions and banks which are contributing to the mission of financial inclusion along with FINO and have helped it take banking to more than 1.5 crore customers at the base of the pyramid. I hope the collective efforts and energy will make this mission to achieve financial inclusion a resounding success. “
Explaining FINO’s journey, Mr Rishi Gupta said, “Its inception in 2006 FINO had meticulously reached out to the non-banking sectors of the country and played a pivotal role in strengthening the banking radar of the country. With an army of 10,000 agents or bandhus, FINO reaches clients in 21 States, 266 districts and 100,000 villages across the country. FINO is currently acquiring incrementally over 50,000 customers per day. On an average, each month FINO records a whopping three million transactions. By 2011, FINO aims to reach 25 million customers through its vast bouquet of services and products.”
Adding to FINO’s endeavors to create financial awareness among the people at the bottom of the Pyramid recently, FINO has also been chosen as one of the Asia partners to implement the financial education for branchless banking program of Microfinance Opportunities (MFO) and the MasterCard Foundation. Through the partnership, FINO aims to increase 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.
About FINO
FINO is working to achieve total financial inclusion in the country 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. On the front end the FINO platform is working on POT-Card and Mobile infrastructure. The Company has a comprehensive product suite ranging from savings bank accounts, loan products, recurring deposits, remittances, insurance products, government disbursements etc. FINO is currently acquiring incrementally over 50,000 customers per day and is doing more than 3 million transactions per month through its network of 10,000 agents spread in 21 states and more than 266 districts in the country. FINO has long term alliances with banks the prominent being Axis Bank, Corporation Bank, HDFC Bank, ICICI Bank, ING Vyasa Bank, OBC, PNB, SBI and Union Bank of India. The company is also involved in government funded schemes such as the National Rural Employment Guarantee Act and the Rashtriya Swasthya Bima Yojana through ICICI Lombard. FINO has received numerous awards including the INTEL, Duet Award, Frost & Sullivan South Asia Product Line Strategy Award and Excellence in Innovation Award in Indira International Innovation Summit. FINO has also been honored by Edge Network for using Information Technology in maximizing business impact.
