FINO has been chosen to implement Microfinance Opportunity’s financial education for branchless banking program, which is sponsored by The MasterCard Foundation. The company is currently working to achieve total financial inclusion in India by providing an end to end technology payments platform as well as managing the cash on the field through its agents (bandhu) network spread across the country.
FINO is one of two companies in Asia selected for participation in the program, which will commence in June 2010 The program seeks to strengthen understanding of the value proposition of branchless banking, and formal financial products and services among low-income consumers. It also aims to build trust in understanding of technology-based tools such as smart cards, mobile phones and ATMs.
As part of the partnership, FINO will leverage its extensive network of business correspondents to teach low-income clients how to make the most of the financial services linked to their biometric smart cards. Through the financial education for branchless banking program, FINO will increase clients’ awareness of formal financial services, strengthen demand for and active usage of savings products, promote asset-building and reduce over-indebtedness from local money lenders.
FINO’s financial education program will contribute toward MFO’s development of a financial education toolkit for branchless banking and implementation of a learning agenda for effective and large-scale integration of financial education into branchless banking.
Commenting on the partnership, Tarun Agarwal, Director of FINO Finetch Foundation, says “We are pleased to partner with The MasterCard Foundation and Microfinance Opportunities in implementing their financial education for branchless banking program. We at FINO Fintech Foundation believe that financial education is a key strategy to address information gaps that can underpin barriers to adoption of branchless banking services among low-income consumers. Currently, in Asia, financial literacy levels are low among low-income households. Through financial education, people at the bottom of pyramid can become informed consumers. Financial education programs such as these can increase the ability of low-income people to more effectively manage their financial resources, build assets and access financial services.”
About FINO Fintech Foundation
FINO Fintech Foundation is a not-for-profit company that provides financial-cum-insurance services and technical assistance to the people at the bottom of the pyramid. The company, set up by FINO under Section 25 of Indian Companies Act, promotes sustainable livelihoods for the rural poor and helps the underserved classes become economically self-reliant. Through a strong network of more than 10,000 Business Correspondents, Fintech Foundation provides savings service to clients and facilitates credit for BC clients who are eligible for loans. The Foundation works to create a smooth working environment between banks, the BC agents and FINO, see www.fino.co.in
About Microfinance Opportunities
Microfinance Opportunities (MFO) is a microenterprise resource center that promotes client-led microfinance. MFO seeks to provide a voice for poor consumers – equipping them with financial capabilities to manage their money and providing research to shape financial products to suit their needs. MFO is the market leader in financial education for the world’s poor, reaching more than 21 million low-income households through curriculum and mass media channels. For more information, see www.microfinanceopportunities.org.
About The MasterCard Foundation
The MasterCard Foundation believes that every person has the potential to transform their lives and to improve the lives of their families and their communities. By increasing access to microfinance and youth education to people in developing countries, the foundation is enabling them to realize their potential and lift themselves out of poverty. The foundation’s vision is to make the economy work for everybody. It is an independent, private foundation based in Toronto, Canada and was established through the generosity of MasterCard Worldwide at the time of the company’s initial public offering in 2006. For more information, see http://www.mastercardfdn.org/.
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