FINO aims Indian mobile banking with FINO-MITRA

MUMBAI, INDIA: Financial Information Network and Operations Ltd. (FINO) has launched FINO-MITRA, a comprehensive package of mobile enabled banking solutions.

FINO’s new product, MITRA, enables enrollment as well as banking transactions through the use of mobile technology, thus, increasing scalability at reduced costs, said a press release.

Commenting on the launch, Manish Khera, CEO, FINO said, “MITRA will ensure that FINO is able to reach out to a large segment of the eight million rural subscribers of mobile phones who are deprived of basic banking facilities. Currently mobile enrollment is being done for NREGS where data is made available with pre populated fields.”

The MITRA facilitates both as an enrollment and transaction device used by the FINO agents. This product enables the end user to use their mobile phones for banking transactions, as an e-wallet and for other mobile enable commerce. Wide network of FINO enables the customer to access the services in seamless manner even if he moves to different parts of the city or country, the release added.

FINO,a Mumbai-based biometric-enabled smartcard solutions provider, engaged in providing financial, non-financial products and services to the unbanked rural & urban masses has enrolled 5.5 million customers to avail them basic banking and insurance services.