Microfinance Focus, January 11, 2012: International Finance Corporation (IFC) has joined hands with technology and services provider FINO to offer financial products such as insurance, remittance and deposit services to the unbanked population of India.

FINO’s technology platform helps banks to launch multiple financial services, expanding access to finance while improving revenues for the banks. FINO aims to increase its reach to 100 million clients in the next three years by linking payments to a broader range of financial services.

“With IFC’s support, we expect to scale up significantly and redesign products such as remittance, deposit and insurance services for low-income groups,” said Shweta Aprameya, Vice President, Business Management and Growth, FINO. "We will use innovative technology while leveraging our agent network in the field. The key is to focus on low-income groups and treat the segment uniquely in terms of value per customer."

FINO is a business and banking technology platform with an extensive delivery channel to over 43 million clients across 24 states in India. The company’s model is to reach out to unbanked people and offer a range of products at affordable prices across technology channels rather than by traditional infrastructure-based delivery channels such as bank branches.