FINO PayTech plans to open 1,000 Money Mart outlets

FINO PayTech, India’s largest payment technology solutions provider to banks and government agencies, plans to open 1,000 FINO Money Mart outlets to provide banking access to unbanked and tap the migrant population in Asia’s third biggest economy.

FINO Money Marts are the company owned, the neighbourhood physical stores for all the financial and banking needs under one roof, especially targeted at the migrant workers. “FINO’s target customers, who are mostly migrants, small business owners, daily wagers, low and middle income households and in some cases old age pensioners, will benefit from these outlets,” Ashish Ahuja, VP at FINO told FC.

He said the firm plans to open a total of 1,000 FINO Money Marts across India from the present 235 outlets in urban and semi-urban areas and 124 outlets in rural areas.

The company started with a few FINO Money Marts in Mumbai in July last year to primarily tap the growing remittance business in urban areas and lending business in rural areas.

Ahuja said customers would be able executive financial transactions, including banking, at Money Marts located in their neighbourhoods. “FINO Money Marts customers can send money to their family and friends, pay utility bills, recharge mobile/ DTH, purchase micro insurance, book rai/bus ticket and can also receive cash for any international remittance they get,” Ahuja said. He said the advantage with these outlets was that they were closer to where the customers resided or worked, which allowed them to make financial transactions as per their convenience and time.

“Our endeavour is to introduce innovative products that add value to the target segment. Recently, we launched India’s first assisted ecommerce initiative with Snapdeal.com. Depending on the demand from catchment area of each outlet, product offerings will be made live,” Ahuja said.

He said the company’s new group liability loan with the Rs 1 lakh to Rs 1.5 lakh for a group of 7-10 members was growing fast. “We are aggressively tapping a bunch of kirana shop owners, vegetable traders, tailors, cycle shop owners etc, who want to take small loan to expand their business and earn their livelihood,” Ahuja said.