Fino Payments Bank - Unique Business Model; Niche Position In Rural India: ICICI Securities Initiates Coverage
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ICICI Securities Report
Fino Payments Bank Ltd. is uniquely positioned to capture growing opportunities in rural India, led by deep-rural products like micro ATM (~51% market share as on August 2021) and Aadhaar-enabled payment system, tailor-made current account and savings account for under-served population, and payment app called 'FinoPay' targeting rural population.
Further on business-to-business-consumer side, it offers cash management system service (110 partners) and distribution of gold / business loans.
Diversified revenue stream, merchant-led asset-light distribution model and deep rural network with operational presence in over 90% districts are key features of its unique business model and also the primary reason behind Fino Payments Bank turning profitable within 12 quarters.
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