We had been selected as the top three final nominees for the ‘Innovator of the Year Award – 2012’ by the Swedish International Development Agency (SIDA)’s Innovation Against Poverty (IAP) programme. The IAP annual conference and awards ceremony was held on November 26 in Stockholm, Sweden, where the award was presented to the ‘Innovator of the Year’ by the director general of SIDA after selection by eminent global panellists.
The nomination is a recognition by SIDA and Innovation Against Poverty of Finaccess’s efforts towards providing innovative business solutions to bring financial access to the underserved and unserved segments of the population across Nepal, said executive chairman of Finaccess Sanjay Bahadur Shah.
The shared access of Hello Paisa eco-system and interoperability of customers, banks, mobile operators, and agents is a key feature that enables all segments of the population access to state-of-the-art mobile financial services, according to Shah.
Finaccess is a technology empowered financial services company as it offers two main services –– mobile financial services through its proprietary software Cell or and its shared access and totally interoperable Hello Paisa platform and financial inclusion services by expanding and setting up of the eco-system of agents and merchants required for effective delivery of financial services at the grass roots level.
Currently five banks and financial institutions — Laxmi Bank, Bank of Kathmandu, Siddhartha Bank, and International Leasing and Finance Company — use the Hello Paisa network.
This initial network of five banks and financial institutions already has 175 bank branches and 125 agent touch points for delivering services.
The agent network is expected to increase substantially within the next few months and be able to deliver financial services to all corners of the country.