MICROCAPITAL BRIEF: IFC Advising FINO in Effort to Extend Financial Services to 100m Indians Over 3 Years

The International Finance Corporation (IFC), a member of the World Bank Group, has agreed to provide advisory support to Indian for-profit technology and services provider Financial Information Networks and Operation (FINO) in its goal to bring financial products such as microinsurance, remittance and deposit services to 100 million clients in India over the next three years. IFC’s commitment follows cash investments that IFC made in FINO in 2007 and 2009.

Founded in 2006, FINO serves 43 million enrolled customers through the financial institutions that use its products.

As of 2011, IFC has 182 member countries, total assets of USD 68.5 billion and total investment mobilization of USD 12.2 billion to 518 projects.

About Financial Information Networks and Operation (FINO)
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.

About The International Finance Corporation (IFC)
A member of the World Bank Group, the International Finance Corporation (IFC) offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. As of 2011, IFC has 182 member countries, total assets of USD 68.5 billion and total investment mobilization of USD 12.2 billion to 518 projects.

By Ariana Malushi, Research Associate

Sources and Additional Resources

Information submitted to MicroCapital by Email from IFC

IFC: “IFC Supports Electronic Payments Provider FINO to Extend Financial Services to Millions in India”
http://www.ifc.org/IFCExt/Pressroom/IFCPressRoom.nsf/0/5ADD8689806CDE4685257981002DD346

MicroCapital.org Story, June 16, 2010, “MICROCAPITAL BRIEF: Microfinance Opportunities (MFO) and The MasterCard Foundation Announce Partnership with Financial Information Networks and Operation (FINO) of India and The Rural Bankers Association of the Philippines (RBAP) for Branchless Banking Program”
https://www.microcapital.org/microcapital-brief-microfinance-opportunities-mfo-and-the-mastercard-foundation-announce-partnership-with-financial-information-networks-and-operation-fino-of-india-and-the-rural-bankers-associat/

MicroCapital.org Story, December 20, 2011, “MICROCAPITAL BRIEF: International Finance Corporation (IFC), India’s Microfinance Institutions Network (MFIN) Promote Reporting to Credit Information Bureau”
https://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-indias-microfinance-institutions-network-mfin-promote-reporting-to-credit-information-bureau/

MicroCapital.org Story, December 14, 2009, “MICROCAPITAL BRIEF: Indian Microfinance Technology Provider ‘Financial Information Networks and Operation’ (FINO) Receives $15m in Equity Capital from HSBC Private Equity, Intel Capital, and the International Finance Corporation (IFC)”
https://www.microcapital.org/microcapital-brief-indian-microfinance-technology-provider-financial-information-networks-and-operation-fino-receives-15m-in-equity-capital-from-hsbc-private-equity-intel-capital-and-the-int/

MicroCapital Universe: The International Finance Corporation (IFC)
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation+%28IFC%29

MicroCapital Universe: Financial Information Networks and Operation (FINO)
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Financial+Information+Networks+and+Operation+%28FINO%29

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