Fino Payments Bank to expand branchless network across Tamilnadu

Chennai, January 2024: Fino Payments Bank (“Fino Bank”, “Bank”), the only listed entity in its space and a pioneer in financial inclusion through branchless banking, is set to expand its network deeper across the state of Tamilnadu, including Chennai, South India’s largest commercial and industrial hub.

Fino Bank’s branchless network comprises of telecom shops, general provision stores and other small businesses in the neighbourhood that are easy for customers to access. They provide banking services using micro ATM (MATM) and Aadhaar enabled payment system (AePS) devices. Currently, Fino Bank has around 35000 such tech-enabled shops known as merchant points across all 38 districts of Tamilnadu. The network includes around 1300 outlets of Bharat Petroleum (BPCL) as well, the Bank’s strategic partner.

Tamilnadu, home to a large number of industries across automobile, leather, industrial, apparel, machinery and IT, is set to get 11 new industrial parks as per a CII-KPMG report. In addition to the existing workforce, more than two lakh new jobs are expected to be created leading to a demand for access to financial services in the developing industrial zones and IT hubs.

“We are geared up to meet the growing demand for access to quality banking services in Tamilnadu”, said Mr. Shailesh Pandey, Chief Sales Officer, Fino Payments Bank. “Our innovative asset light branchless banking infrastructure is the need of the hour, where more than 51% of the state’s 7.6 crore population lives in rural areas. Our pan India network of over 15 lakh points has been transforming the banking behavior of millions of people by providing assisted digital services in a convenient, safe and secure manner. We intend to replicate the same in the state by deploying our Distribution-Data-Digital strategy and expand our network by 50% in the next 12-18 months.”

Atul Trivedi, Senior Divisional Head (South & East), Fino Payments Bank said, “Our Micro ATM and AePS enabled points have significant presence in Chennai, Coimbatore, Salem, Erode, Tiruppur, Madhurai and along the state’s highways covering rural areas, courtesy BPCL outlets. Going forward, we will penetrate deeper inside existing geographies and in the upcoming industrial corridors, IT hubs and villages. In addition to basic banking services, the demand for efficient cash management services is huge in the state. We are well placed to cater to that need.”

At Fino Bank’s point one can open new bank account, get instant debit card, do deposits, withdrawals, money transfer, pay utility bills and even access third party offerings such as insurance and referral loans. Most importantly, customers can visit the merchant at their convenience as the point is open for long hours, even on holidays. Merchants on the other hand, earn customer goodwill and opportunity to enhance their income.

Moreover, the merchant also helps customers download FinoPay mobile app on their smartphones and transact. With growing smartphone user base in Tamilnadu, Fino Bank believes in handholding its customers’ in their digital adoption journey.

About Author