The MasterCard Foundation, a private foundation with approximately CAD 3 billion (the equivalent of USD 2.9 billion) in assets, and Microfinance Opportunities (MFO), a microenterprise resource center established in 2002, have selected two companies in Asia to participate in their Financial Education for Branchless Banking Program. The two companies are Financial Information Networks and Operation (FINO), an Indian company that provides technological products to microfinance institutions (MFIs), and the nonprofit Rural Bankers Association of the Philippines (RBAP). The program seeks to “strengthen the understanding of the value proposition of branchless banking particularly among youth, women and the unbanked, and to build financial capabilities that can support the adoption and sustained usage of mobile banking and electronic card services.” [1]. The program will begin in Asia this month. The size of the budget is not available.
By Julia Korn, Research Associate
About Microfinance Opportunities (MO):
Microfinance Opportunities (MO) is a microenterprise resource center that promotes “client-led microfinance.” Established in 2002 as a nonprofit organization, MO’s goal is to increase access to financial services. It focuses on financial education, microinsurance and client assessment. MO does not report data to the MIX market.
The Rural Bankers Association of the Philippines (RBAP):
The Rural Bankers Association of the Philippines (RBAP) is an association of bankers in the Philippines. Its mission is to support the ability of its members to offer quality banking services to their constituencies, comply with regulatory requirements and to promote the welfare of the communities in which they operate.
About Financial Information Networks and Operation (FINO):
Financial Information Networks and Operation (FINO) is an Indian company that provides technological products to microfinance institutions (MFIs), banks and insurance companies. Its products include management software for microloans and biometric smartcards that store transaction records. The company was founded in 2006. As of December 12, 2009, the company serves over 8 million customers through the financial institutions that use its products. FINO does not report to the MIX Market.
About The MasterCard Foundation:
Based in Canada, the MasterCard Foundation is a private foundation with over CAD 3 billion (the equivalent of USD 2.9 billion) in assets. The foundation’s goal is to enable people living in poverty to improve their lives with increased access to microfinance and education. The Foundation was established in 2006 by a gift of shares from global payment processor MasterCard Worldwide during the company’s initial public offering.
Sources and Additional Resources:
[1] Microfinance Opportunities. “Microfinance Opportunities and The MasterCard Foundation Announce Partners in Asia for Financial Education for Branchless Banking Program.” http://www.microfinanceopportunities.org/docs/MFO-MCF%20Announcement%20of%20Asia%20Partners_FINAL%20(3).pdf
MicroCapital. “MICROCAPITAL BRIEF: Microfinance Opportunities, MasterCard Foundation Launch Campaign to Encourage Enduser Adoption of Branchless Banking” by MicroCapital Team on December 28, 2009. https://www.microcapital.org/microcapital-brief-microfinance-opportunitie…
MicroCapital Universe. Financial Information Networks and Operation (FINO). https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Fin…
MicroCapital Universe. The MasterCard Foundation. https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Mas…
MicroCapital Universe: The Rural Bankers Association of the Philippines (RBAP). https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=The…
MicroCapital Universe: Microfinance Opportunities. https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Mic…
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