FINO Paytech tailored its own banking correspondents network to serve under-banked populations

Country: Indiafino
Year: 2016

  • Use of low-cost alternative distribution networks – e.g. locals agents equipped with handheld devices able to perform basic insurance subscription or banking operations


  • FINO uses 29,480 local persons to act as banks and insurances’ correspondent and provide access to financial services to rural workers who previously had no access to them.
  • They are equipped with hand-held mobile devices such as smart cards and agent-operated mobile point-of-transaction terminals to facilitate reliable, low-cost financial transactions between institutions and customers.
  • FINO has developed partnerships with health insurers such as Rashtriya Swasthya Bima Yojana. Government is also using FINOTECH technology to transfer payments under the National Rural Payment.
  • FINOTECH charges the financial institution ongoing rental fees for space on their back-end system and for point-of-transactions terminals
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