IFC to help FINO in promoting microfinance

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Mumbai, Dec 20 (UNI) International Financial Corporation (IFC), member of World Bank, will help Financial Information Network and Operations (FINO) to develop banking solutions with an endeavour to promote microfinance for underserved customers in rural areas of the country.

FINO is a technology service provider offering end-to-end IT solutions banking in India.

FINO and IFC will run pilot projects with leading microfinance institutions, banks, and government organisations to develop, customize, test, and expand the adoption of IT technologies in underserved rural banking markets. The two organizations will set up related training, conferences, and workshops for microfinance institutions.

Training in local dialects will emphasise the benefits of banking in rural areas and will reach out to people not currently being reached by financial services. IFC had invested USD 5 million in FINO in the last fiscal.

FINO CEO Manish Khera said, ''This joint initiative is integral to our rural outreach strategy. This platform will help microinsurance providers process health insurance claims at lower costs and improve the flow of information to the insurer from the field.'' UNI

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