MICROCAPITAL BRIEF: Financial Information Network and Operations (FINO) of India Looks to Boost Financial Inclusion in Nigeria in Partnership With ZaaEdge Resources

Financial Information Network and Operations (FINO), an India-based for-profit technology provider, and ZaaEdge Resources Limited, a for-profit company that aims to promote financial inclusion technology in Nigeria, have entered into a partnership with the goal of improving financial inclusion in Nigeria. According to the agreement, FINO will provide banking services to the poorest sector of Nigeria’s population while ZaaEdge will promote FINO’s banking technology and solutions.

According to a statement from ZaaEdge co-founder Mr Omotayo Babatunde, the partnership will assist an initiative of the Central Bank of Nigeria, Nigeria’s central banking authority, that is intended to reduce the percentage of adult Nigerians without financial services from 46.3 percent to 20 percent by 2020.

Further details on the partnership have not been released.

By Charlotte Newman, Research Associate

About Financial Information Networks and Operations
Financial Information Networks and Operation (FINO) is an Indian for-profit company that provides technological products to microfinance institutions (MFIs), banks and insurance companies. Its products include management software for microloans and biometric smartcards that store transaction records. The company was founded in 2006 and serves 43 million enrolled customers served through the financial institutions that use its products. In 2012, the firm acquired the Indian mobile money arm of Finnish mobile handset provider Nokia including the subsidiary’s 750,000 customers.

About Central Bank of Nigeria
The Central Bank of Nigeria (CBN) was established in 1958 as Nigeria’s central banking authority. As defined by the Act of Parliament that created CBN, its statutory mandates are as follows: “to issue legal tender currency; to maintain external reserves; to safeguard the international value of the legal tender currency; to promote monetary stability and a sound financial system in Nigeria; and to act as banker and financial adviser to the Federal Government.” As of November 2011, CBN reports total assets of NGN 9.77 trillion (USD 61.9 billion).

Sources and Additional Resources:

FINO Press Release: “FINO and ZaaEdge Join Forces to Promote Financial Inclusion Technology in Nigeria,” http://fino.co.in/Press-release

MicroCapital.org story, July 11, 2012, “MICROCAPITAL BRIEF: India’s Financial Information Networks and Operation (FINO) Purchases Mobile Payment Business from Nokia,” https://www.microcapital.org/microcapital-brief-indias-financial-information-networks-and-operation-fino-purchases-mobile-payment-business-from-nokia/

MicroCapital.org story, January 19, 2012, “MICROCAPITAL BRIEF: IFC Advising FINO in Effort to Extend Financial Services to 100m Indians Over 3 Years,” https://www.microcapital.org/microcapital-brief-ifc-advising-fino-in-effort-to-extend-financial-services-to-100m-indians-over-3-years/

MicroCapital.org story, June 2, 2009, “MICROCAPITAL BRIEF: Meet a MicroBank: An Interview with Managers of First Microfinance Bank (FMFB) of Afghanistan, Member of Aga Khan Development Network (AKDN),” https://www.microcapital.org/microcapital-story-meet-a-microbank-an-interview-with-managers-of-first-microfinance-bank-fmfb-of-afghanistan-member-of-aga-khan-development-network-akdn/

MicroCapital Universe Profile: Financial Information Networks and Operations
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=Financial+Information+Networks+and+Operation+%28FINO%29

MicroCapital Universe Profile: Central Bank of Nigeria
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=Central+Bank+of+Nigeria+%28CBN%29

Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/

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