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Nokia Sells Indian Mobile Banking Subsidiary
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Nokia has sold its Indian mobile banking division to local firm, Financial Inclusion Network & Operations (Fino) for an undisclosed amount.
The company said that it made the all-cash offer to buy the service as part of the company's expansion away from just providing commercial banking support services.
"We were limited only to the banking and financial services space till now wherein we helped operate bank accounts, sold insurance and facilitated remittances, this deal gives us an entry into the expenditure side," Fino CEO Manish Khera said.
He also confirmed that the company had been looking at moving into the mobile banking market for some time, and that the Nokia acquisition offered a faster way to access the necessary facilities and customer base.
Nokia originally launched mobile money in 2010 through a partnership with YES Bank. Subsequently, it signed up with Union Bank to offer services such as bill payments and money transfer.
Nokia has around 1.2 million users of its mobile money platform in the country. It was reported to be looking to sell the division, or close it back in March.
Tags: [nokia] [mobile banking] [India]
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