FIA Global: Where transactions transform lives - PowerPoint PPT Presentation
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FIA Global: Where transactions transform lives
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FIA Technology Services Private Ltd. provides financial services to the rural areas on behalf of the financial institutions. The services are given where the financial institutions are still not available. They are basically provide banking correspondent services. – PowerPoint PPT presentation
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Title: FIA Global: Where transactions transform lives
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FIA Global Where transactions transform lives
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- Millions of people remain trapped in a
cycle of poverty that is very difficult to
escape. About 1.7 billion people worldwide are
excluded from formal financial services, such as
savings, payments, insurance, and credit. In
developing economies, only 63 per cent of adults
have an account. Nearly one billion are still
left out of the formal financial system, and
there is a 9 per cent gender gap in financial
inclusion in developing economies. Financial
exclusion plays a significant part in this
cycle. FIA global aims at bridging this gap and
serving this neglected sector.
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- FIA global strives to make honest efforts
to reach the unbanked population. Our goal is to
lend the low-income strata, access to affordable
financial services and products without them ever
having to set foot in a bank. Most poor
households operate mostly through a cash economy.
This implies that they have to save in the form
of cash, or physical assets, like livestock or
jewellery. Now cash gets spent, animals die, and
jewellery can be lost or stolen.
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- Furthermore, these forms of savings earn no
interest and can actually lose value over time.
These people have to face immense hardship when
they need to send money to family or others. They
have to rely on couriers or friends who carry
cash by bus, which is expensive, insecure, and
slow. To borrow money in an emergency, they have
no choice but to turn to moneylenders who charge
exorbitantly high-interest rates. Without formal
financial and credit histories, people are also
cut off from potentially stabilizing and
uplifting opportunities like building credit or
getting a loan to start a business.
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- FIA Globals strategy is to help drive the
development of digital payment systems. This can
lead to widespread use of digital financial
services quickly and result in accelerated
progress for the poor. The objective of our
banking correspondent services is to aim for
digital financial inclusion and support that
facilitate growth in digital financial services
and provide oversight and accountability. We also
make people get acquainted with other livelihood
models. We work tirelessly at developing
effective last-mile distribution network,
technology for mobility and online payment
solutions, to encourage economic and social
inclusion.
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