FIS™ (NYSE: FIS), a global leader in banking and payments technology as well as consulting and outsourcing solutions, has joined the U.S. Agency for International Development (USAID), the World Economic Forum and India's Ministry of Finance to support financial inclusion in India.
FIS is one of more than 20 private sector organizations from the United States, India and around the world to join this effort, which is part of India's governmental Jan Dhan initiative. Jan Dhan is focused on offering lasting, sustainable business and economic opportunities to people across India and has helped more than 110 million Indian households create bank accounts since its inception in 2014.
"More than half of all people in developing countries don't have access to bank accounts and other basic financial services," said Gary Norcross, FIS president and CEO. "Our industry has experienced more consumer-focused innovation in the last ten years than ever before, yet we shouldn't lose sight of those consumers who don't have even the most basic level of services due to lack of access. FIS is proud to be helping lead the initiative to close those access gaps and create financially connected consumers."
Its proven solutions, coupled with its comprehensive in-country servicing capabilities, have made FIS a leading provider to financial institutions across India since entering the country in 1997; and its support of financial inclusion initiatives is one of its hallmark strengths within the country.
FIS already serves as technology partner to Bharatiya Mahila Bank, India's first women-focused public sector bank, and Bandhan Bank, a newly licensed bank designed to bring financial infrastructure to India's rural areas. It also is heavily involved in ATM servicing in India – another key channel for delivering financial opportunities. Currently, FIS manages one in every five outsourced ATMs across India and serves as payments solutions partner to Muthoot Finance, India's largest gold financing company, as it brings ATM access to rural parts of the country.