FINO launches MITRA in mobile banking sphere

Microfinance Focus,  Aug. 10, 2009: Financial Information Network and Operations Ltd. (FINO) has launched FINO-MITRA, a comprehensive package of mobile-enabled banking solutions to address the needs of microfinance sector or the huge unbanked population. FINO’s new product, MITRA, enables enrolment as well as banking transactions through the use of mobile technology, increasings capability at reduced costs, says a press release.

MobileBanking is the key area of development in the banking sector and is expected to replace the credit/debit card system in future. In past two years, use of mobile banking has increased three times, said a press release by the company. Nearly 85-90% mobile users do not own credit cards and there is at least 36% of population who are literate but have mobile phones, though they have no access to credit. This is the potential market that would benefit from mobile banking solutions, the statement said.

Commenting on the launch of FINO-MITRA, Manish Khera, CEO, FINO said, “MITRA will ensure that FINO is able to reach out to a large segment of the 8 million rural subscribers of mobile phones who are deprived of basic banking facilities. Currently mobile enrollment is being done for NREGS where data is made available with pre-populated fields.”
The mobile subscriber rate in India has been increasing rapidly and stands at 362 million as of January 2009. FINO MITRA serves as an alternate method of catering the unbanked population of the country by helping them avail basic banking facilities. The MITRA facilitates both as an enrollment and transaction device used by the FINO agents.

FINO,a Mumbai-based biometric-enabled smart card solutions provider, is a pioneer in providing smart card based multi-application solutions to “unbanked” in banking, microfinance, insurance and government sectors primarily located in rural and semi-urban areas of India.

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