Country: India
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
Concept
- 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