Growing MSMEs and IT hubs leading to increase in demand for banking services
Kolkata, 15 January 2024: Fino Payments Bank (“Fino Bank”, “Bank”) plans to set up branchless points at every 300 meters in an effort to bring banking services closer to industrial areas and IT hubs across West Bengal. Banking points at such short distances would be beneficial to people working and living near an estimated 10 million micro, small and medium enterprises (MSME) spread across the state.
Fino Bank’s branchless points comprise 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 23 districts of West Bengal.
West Bengal, home to a large number of industries across automobile, leather, industrial machinery, textile etc plans to build 4 new industrial parks covering North and South Bengal. With more MSME units coming up, new jobs created will lead to a demand for access to financial services in the industrial zones.
“We are geared up to meet the growing demand for access to quality banking services in West Bengal as well as across the North East”, 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 68% of the state’s 10 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.”
Darpan Anand, Senior Divisional Head (North & East), Fino Payments Bank said, “Our Micro ATM and AePS enabled points have significant presence across West Bengal’s industrial and rural belts. Going forward, we will penetrate deeper inside existing geographies and in the upcoming MSME corridors and add more banking points within 300 metres of each other to improve banking access. 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 as well.”
With growing smartphone user base in West Bengal and North East, Fino Bank believes in handholding its customers’ in their digital adoption journey. The Bank’s merchant also helps customers download FinoPay mobile app on their smartphones and transact leading to increase in digital transactions.
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.