Shailesh Pandey
Shailesh Pandey
Executive Vice President,
FINO PayTech Limited

Executive Vice President & Head-Strategy, FINO PayTech Limited, Shailesh Pandey throws light on company’s vision and strategy to take it to the new heights amidst fierce competition. He also talks about how FINO Paytech endeavours to further strengthen its position across India

Kindly give an overview of FINO PayTech Ltd. Also explain how FINO PayTech is striving to consolidate its presence across India?
FINO PayTech is a payments technology company which operates the largest business correspondent network in the country. Our micro banking solutions along with strong network of over 30,000 transaction points across 28 states have been helping banks, MFIs and financial institutions to enable financial inclusion since 2006.
The company is a pioneer in developing and deploying biometric authenticated smart card solutions for the unbanked and under-banked segment of the population. We have deployed end-to-end technology and BC services for over 20 public and private sector banks that facilitated financial inclusion – enrolled over 50 million banking customers and service over 28 million active customers; disburse welfare payments like MNREGA, old age pensions using smart cards, which now are disbursed using Aadhaar enabled payment system through DBT. FINO is also an authorised UIDAI agency to offer e-Authentication and e-Verification services.
From a predominantly rural presence, FINO ventured into urban markets in 2010 offering remittance services to migrant workers, daily wagers and low income households. Since then, we have expanded urban and semi-urban reach across 14 states through a network of over 10,000 access points, including 400 company owned FINO Money Marts.

As an alternate banking channel, what kind of services do you offer to your customers?
We have a network of over 30,000 access points, comprising over 20,000 BCs and 10,000 retail points. FINO’s technology enabled business correspondents (BC) network in remote rural areas represents our bank partners in those locations. On behalf of banks we:

  • Enroll new customers/ open bank accounts using Aadhaar as KYC
  • Service customers by facilitating banking transactions – deposits and withdrawals
  • Offer domestic remittance services from urban to rural
  • Cross sell insurance – personal accident policy as well as Govt insurance schemes
  • Provide micro credit/lending and facilitate Gold loans
  • Offer RD and FD products

What are your plans to financially empower weaker section of the society?
FINO PayTech always believed that financial inclusion and financial literacy go hand-in-hand. To achieve full financial inclusion, it is extremely important that the unbanked and under-banked segment understand banking and various benefits associated with it. We have been working with World Bank, WHO, State Governments, NABARD and other associations in organising financial literacy programs across various states. Since 2008 we have empowered more than four lakh rural customers in states like UP, Bihar, Rajasthan, West Bengal, Jharkhand, Karnataka and Tamil Nadu among others.

How actively are you exploiting Information Technology to improve efficiency and services being rendered to customers?
Technology is at the core of our financial services delivery model. FINO is primarily a technology company that pioneered biometric smart card solutions for financial inclusion. Biometrics solutions allowed customer identification that resulted in weeding off unscrupulous beneficiaries and savings to governments.
Mobile technology is changing the banking landscape. We, at FINO, have adopted a “Mobile First” approach as our business strategy. We already offer a lot of services like remittance, online shopping and utility bill payments on mobile. We will continue to innovate and develop customized products for our target customers at a price they are willing to pay. Our mobile and biometric solutions provide great convenience to customers as services are delivered in the shortest time in a safe and secure manner. All along keeping costs low that ultimately benefits customers and the business.

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