The bank will be undertaking inward cross-border money transfer activities and will be partnering with an overseas principal. It has also received the approval to partner with a global remittance service provider as its overseas principal.
The customer segment of Fino Bank at the middle of the pyramid is targeted to families of many of the people working in foreign countries. They would already be using the services of Fino Bank like micro-ATM or Aadhaar Enabled Payment Services (AEPS) in some form. With this product, they will now be able to directly withdraw money remitted by their family members abroad at the nearest Fino Bank neighbourhood merchant point.
The bank will be ready to offer the inward remittance services to its customers by Q1 FY23.
Going forward Fino Bank will be open to partnering with more money transfer operators (MTOs) to widen its horizon across different countries. The bank also has plans to commence outward remittance services soon.
India is expected to be the largest recipient of remittances globally in 2021 with expected receipt of USD 87 billion. This is expected to grow by 3% in 2022 to USD 89.6 billion as a large number of workers are expected to return to the gulf countries.
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