Financial Inclusion Network & Operations (FINO) was awarded the SKOCH Financial Inclusion Award 2011 for their execution of the Financial Inclusion initiatives for the year 2010-2011. Manish Khera, CEO, FINO received the award from C Rangarajan, Honourable Chairman, Economic Advisory Council to the Prime Minister.
Manish Khera, CEO, FINO, speaking on the occasion said “On behalf of the entire FINO team, I would like to thank SKOCH for recognising our effort in Financial Inclusion space. We have been tirelessly working since the year 2006 to provide doorstep banking services to the unbanked and under banked masses. The SKOCH award has now proved beyond doubt that we have managed to successfully support the Financial Inclusion objectives of initiatives of the Government of India and the RBI.”
FINO represents the bank led model of financial inclusion. Through FINO Fintech Foundation, a not-for-profit entity, FINO offers Business Correspondent (BC) services and acts as a low cost extended arm of banks and insurance companies across the length and breadth of India. The network enables these institutions the opportunity to take their financial products and services to the doorstep of millions of unbanked and under-banked households at bottom of the pyramid. This is done using hand held devices, biometric Point of Transaction (PoT), biometric smart cards, mobile technologies and managed backend database on FINO's servers.
FINO-UBI Financial Inclusion project offers whole gamut of financial services like Payment Services; Electronic Benefit Transfers (EBT) for MGNREGA wage payment and Social Security payments under National Old Age Pension Scheme of GoI; No Frills Savings Accounts; Micro Loans and Remittance Services at the door-step of end customers at base of the Pyramid.
The project which started in 2007 today serves over 4 million end users spanning 47 districts across 12 states of India. Under this project FINO has appointed more than 4000 business correspondent and has issued 3.13 million biometric cards. The number of transaction in 2010 alone is 5.79 million with value of Rs. 764.62 crores.
FINO’s BC network covers 23 States, 298 Districts, 5884plus Gram Panchayats, 40,000 plus villages reaching over 24 million customers. FINO works with 23 private & public sector banks, 15 Government entities, and 4 Insurance Companies. FINO today processes four million financial transactions per month and enrolls new customers at an average rate of 50,000 per day.
FINO has anchored itself around four tenets:
Complete bouquet of financial products and services (Savings, Insurance, Credit, G2P transfers and remittances),
Low cost of service to end customer by leveraging the FINO architecture,
Offering turnkey technology solutions and business correspondent services,
Utilizing the FINO technology architecture that is proven, scalable and robust.
FINO has not only revolutionized the savings and micro-credit space but also made a huge impact through its technology in the public health services delivery system through Rashtriya Swasthya Bima Yojna (RSBY). FINO has opened the micro health insurance market for multiple stakeholders to the tune of INR 45 billion (2008-2013). Today, FINO holds the largest market share in RSBY enrolments across the country.
FINO has not only served its own clients but made a substantial contribution towards promoting the acceptability, recognition and trust in the Business Correspondent Model. In the last four years, FINO has demonstrated that BC as a model can be successful and can be employed by financial institutions effortlessly for reaching out to remote geographies and new customer segments. Today, FINO partners with the top most banks in India and is consistently providing an enabling environment for financial inclusion to its clients.