Indian financial inclusion service provider, FINO (Financial Inclusion Network & Operations), has tied up with NCR Corporation, a global technology company, to offer a remittance service through FINO Tijori, a self-operated stand-alone machine similar to an ATM. FINO has currently installed approximately 100 of these micro-deposit-machines in various locations across Delhi and Mumbai. In offering a deposit and remittance system, FINO has enabled millions of poor and typically unbanked customers to access basic financial services.
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FINO Tijori is a self-operated stand alone
machine that offers the functionality of account deposit, money transfer,
balance enquiry, mini statement and request for loan options
Financial Inclusion Network &
Operations (FINO), one of India’s leading Financial Inclusion service provider
and NCR Corporation, a global technology company today announced the launch of
an added functionality of remittance service to the FINO NCR EasyPoint 70 –
‘Tijori’ micro-deposit-machines (MDMs).
FINO, to scale its services and reach out
to more customers, has leveraged its self service platform “Tijori” and
deployed micro deposit machines at the business correspondent points to enable
customers to deposit and remit money on their own in extended hours beyond bank
timings
FINO Tijori is a self-operated stand alone
machine that offers the functionality of account deposit, money transfer,
balance enquiry, mini statement and request for loan options. This will bring
in small sums of deposits more frequently thus inculcating saving habits in
customers besides ensuring convenience of easier remittances.
The launch of remittances via FINO Tijori
is an initiative in line with FINO’s philosophy of bringing best in class
products and services to the micro-customers in the country in conjunction with
banks. FINO has already deployed these machines in Mumbai and Delhi and will be
scaling the same up to 100 by October in selected cities. FINO plans to review
the learning’s from the 100 deployed machines in the next three months and thereafter
would materialise further plans.
The service allows customer to deposit and
remit money in extended hours beyond bank timings in a fast and secure
environment via a self-service channel. The process requires the remitter to
deposit cash in the FINO NCR EP70 – ‘Tijori’ kiosk, inform the beneficiary, who
needs to then visit a FINO BC point / his bank branch and withdraw the money
Manish Khera, CEO – FINO, speaking on this
development, said, “FINO is committed to bringing main-stream financial services
to the base of pyramid customers. FINO architecture integrates with the
mainstream banking infrastructure in the country ensuring security and
convenience to customers. Besides including 19 million customers and expanding
at 50,000 customers a day and launching several services, we are now expanding
the channels beyond agents to self-serve devices like NCR Easy Point ‘Tijori’.
"NCR is pleased to announce with our
partner FINO the introduction of an innovative, easy-to-use, and cost effective
remittance application, which demonstrates our continued investment in the
financial inclusion sector by bringing financial services to the under-banked
population of India", said Mr. Scott Sobel, Vice President, Emerging
Markets, NCR Corporation.
"The addition of a remittance function
with NCR EasyPoint 70 – Tijori deployed by FINO or their affiliated banks at
FINO branches and merchant locations will allow 19 mn customers on FINOs
environment and migrant workers to transfer funds at their convenience and beyond
banking hours by using a secure self-service channel."
In India an estimated 10 crore people have
migrated from villages to urban cities trying to earn livelihood for their
families. These people live in challenging conditions; work in tough environment
and save every penny to be able to remit money back to support their families.
A typical behaviour is to save money in cash and send home once a quarter in
amounts of Rs. 4000-5000.
The large majority of these people are
unbanked or under-served. Due to the cumbersome processes and limited access to
financial services they typically avoid using formal systems. It is estimated
that as much as half of the domestic remittances are made through informal
channels.
FINO is committed to combat the challenges
in delivering financial services to the base of pyramid customers in difficult
terrains. The key to addressing this challenge is innovation & commitment
to sound business logic built on an architecture that integrates all channels
as well as handle the scalability and is flexible to customer needs. FINO
architecture offers all these and integrates with the mainstream banking
infrastructure in the country ensuring security, affordability and convenience
to the customers.
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http://www.indiainfoline.com/Markets/News/FINO-and-NCR-launches-remittance-facility/4961018293