Findi Secures New Merchant Deal with Central Bank of India
Released
Released
Announcement PDF
ASX Release – 27 August 2024
Findi Secures New Merchant Deal with Central Bank of
India
Key Highlights
Findipay agreement with CBI for co-branded banking correspondent branches
25 pilot locations with guaranteed minimum monthly revenue for each site
Potential for additional locations across India
Full ecosystem of banking, ATM and merchant services provided at single location
Digital payments and financial services provider Findi Limited (ASX: FND) (Findi or the Company) is pleased
to announce the further advancement of its strategy for FindiPay through entering into an agreement with the
Central Bank of India (CBI) for the operation of banking correspondent locations to be known as ‘BC Max’ Centres.
Each site will be co-branded with CBI and FindiPay and with onsite CBI staff offerring an additional 35 CBI
products and services alongside our exisitng merchant service offering.
At each location there will also be a Findi owned and operated CBI ATM creating an ecosystem between ATM,
merchant and banking services.
Each co-branded merchant location will be effecively transformed into a one-stop banking services hub providing
extended hours branch-like experience for customers with enhanced banking accessibility and convenience seven
days a week Customers will have access to almost all banking services offered by the bank. Customers will have
the choice of self service or staff assistance.
The initial 25 locations are part of a pilot program in advance of the roll-out of additional BC Max Centres across
India.
Findi will generate an assured revenue from each location and will drive Banking Transactions to receive a fee for
services across all CBI banking products and services offered at each BC Max Centre.
CBI is an existing trusted partner of Findi through our 7-year contract to operate 2,550 ATMs on their behalf.
FindiPay’s 38,000 merchant network is an attractive opportunity for CBI and all other Banks in India to expand their
offline presence through such Digital Banking Centres.
Findi is one of India’s largest non-bank ATM operators across cash & digital transaction ecosystems and the
Company continues to monitor/process more than one billion transactions annually, in what is one of the world's
largest developing markets.
ASX Release – 27 August 2024
It currently has a 38,000 strong merchant network across India which we are aiming to expand via continued
merchant acquisitions and the roll-out of the Company’s own white label product which will allow the bundling of
ATMs with FindiPay services.
Commenting on the strategic alliance with CBI the Execuitve Chairman of Findi Mr Nicholas Smedley said: “We are
delighted that CBI selected Findi as a partner based on our rapidly expanding network of merchants across India.”
“This is another component of our growth strategy of building out our ATM portfolio, expanding FindiPay offerings,
and creating an ecosystem between our merchant and ATM businesses.”
“We are currently expanding our merchant network at a rate of 3,000+ per month and expect to win new ATM
contracts, along with 4,000 organic deployments of ATMs expected during FY25. We also expect our business to
expand further through acquisitions both within the ATM and merchant markets. These potential acquisitions are
fully funded, allowing for significant growth in shareholder value, without the need for further capital.”
Findi is strategically positioned across more than 30 States and Union Territories in Pan India, supported by over
650 employees servicing 21,000 ATMs while also capitalising on the growth and shift towards digital payments
over the next five years by offering a range of innovative technology driven solutions designed to facilitate fast and
secure digital transactions.
The Company is also well position to benefit from CBI’s commitment to deliver modern banking services to the
underserved regions of India.
Authorised for release by the Board of Findi Limited.
Investor Enquires
Nicholas Smedley
Executive Chairman
+61 447 074 160
nsmedley@findi.co
Media Enquiries
John Hurst, Tribune Partners
+61 418 708 663
jhurst@tribunepartners.com.au
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