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New Delhi, India, December 20, 2007 —
IFC, a member of the World Bank Group, plans to help Financial Information Network & Operations Private Ltd. develop banking solutions that will help India’s microfinance institutions automate government payments, banking, and other financial services for underserved customers in rural areas.
FINO is a technology service provider offering end-to-end IT solutions banking in India. Its innovative products will help microfinance institutions support payments for health insurance, remittances, warehouse receipts, social and pension plans, microdeposit machines, and mobile banking.
Manish Khera, CEO of FINO, said, “This joint initiative is integral to our rural outreach strategy. This platform will, for example, help microinsurance providers process health insurance claims at lower costs and improve the flow of information to the insurer from the field.” FINO’s smart card–based platform will also make social and pension payments more efficient, reducing the cost of transactions and ensuring that end-users receive payments on time.
“We are pleased that this initiative will help improve rural productivity by extending credit and other financial services into rural India. It will also strengthen the country’s IT sector as a platform for better business services and innovative product development,” explained Paolo M. Martelli, IFC Regional Director for South Asia.
FINO and IFC will run pilot projects with leading microfinance institutions, banks, and government organizations to develop, customize, test, and expand the adoption of IT technologies in underserved rural banking markets. The two organizations will set up related training, conferences, and workshops for microfinance institutions. Training in local dialects will emphasize the benefits of banking in rural areas and for people not currently being reached by financial services. IFC had invested $5 million in FINO in the last fiscal.
About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that poor people have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through loan participations and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit
www.ifc.org
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About FINO
Financial Information Network & Operations (FINO), a multibank-promoted company, provides smart card–based solutions for financial services, with a focus on rural and semi-urban areas of India. It seeks to become a sector-specific venture for serving the rural population. FINO executes end-to-end solutions, including hardware and software, system integration, transaction network, operations, maintenance, and training. FINO helps organizations improve efficiencies, considerably reducing overall project costs. For more details, visit
www.fino.co.in
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