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The following article was originally published on Forbes India with the title “Taking Banks to India’s Poor.” Along with the CFI, FINO was a featured participant in the Ashoka Changemakers-hosted #SocEntChat on Global Financial Inclusion earlier this week. With recent growth spanning 50 million customers, it’s nearly impossible to not include FINO in the conversation of financial inclusion in India.
Award: Start Up of the Year
Name: Manish Khera, CEO, FINO
Age: 41
Why He Won: For setting up the largest banking correspondence network in India and bringing financial inclusion to millions of people across 26 states, and using mobile tech in a smart way. It is poised to become the country’s largest banking correspondent.
Like any bank, FINO Paytech wants people to save, borrow and use financial services. Just that FINO is not a bank, and its clientele is not the kind of people you run into at teller machine kiosks. The company’s clients are rickshaw pullers, maids, paanwallahs, chauffeurs, casual labourers and other odd-jobbers who barely manage to eke out a living. Saving for the future does not really cross their minds. Or so it would seem. “Don’t assume for a moment that poor people can’t save,” says Rajeev Arora, director, Financial Inclusion Networking and Operations (FINO) Paytech.
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