Trivandrum: Fino Payments Bank, a fintech company offering digital financial products with a focus on payments, has expanded its presence in Kerala with the inauguration of its latest branch in the capital city. The key products offered by the bank include CASA accounts, debit cards, domestic remittances and micro-ATM facilities.
Interacting with the media after the inauguration, Himanshu Mishra, Executive VP – West & South, Fino Payments Bank said, “As the digital bank for the masses, we are well placed to address the banking needs of customers across segments in metros, including Thiruvananthapuram. Our innovative tech-enabled merchant model enables branchless banking and perfectly bridges the access gap. We ventured into the five Southern states deploying a branchless approach creating our own network of close to 1,00,000 merchant points. In Kerala, we already have more than 6,000 merchants and are on-boarding 300 new banking points every month.”
The branchless banking points are the small business owners such as kirana, mobile repair, photocopy, stationery shops, etc that are present in the neighbourhood. With Micro ATM and Aadhar-enabled payment services (AePS) devices, the shops become local banking points. Outlets of Bharat Petroleum (BPCL), the bank’s strategic partner, also act as banking points.
Mohammad Inayathullah, Zonal Head – South, Fino Payments Bank said, “The migrant workforce as well as tech-savvy millennials in metros will find our points convenient to bank with. To penetrate deeper and reach out to customers across metros and all the 1,670 villages of the state, we are keen to partner with many more enterprising small business owners.”
Hari Krishnan, State Head – Kerala added, “Ours is a scheduled commercial bank and we have ensured banking presence across all the 14 districts of the state with a strong network in rural areas. Trivandrum also has a huge trading community and a thriving mass market owing to tourism, fishing and the under-construction Vizhinjam seaport. Fino Bank plans to tap this market.”
At Fino points, any bank’s customer can transact, open a new Fino Bank account with instant debit card issuance, do deposits, withdrawals, money transfer and access third-party products such as life, health, and motor insurance, referral loans, and pay utility bills.
Kerala Biz News