Findi Limited (ASX: FND) has successfully deployed the 500th ATM, the balance of 2,050 ATMs is on track to be completed by the end of this financial year under its contract with Central Bank of India (CBI).
The operational performance of the 500 deployed ATMs materially exceeds expectations, with an average of 90 transactions per day sitting well ahead of the company’s forecast of 75 transactions per day and continuing to trend upwards.
The CBI deployment continues to expand Findi’s footprint across India, doubling the number of states where the Company currently operates. Findi will be operating in every state of India on completion of the rollout.
The successful progress of the rollout continues the company’s mission to provide financial services to the underbanked, with Findi completing more than one billion transactions in India for the financial year 2022.
Findi’s strategy is backed by strong market dynamics in the Indian market as it seeks to have a customer ecosystem of cash, payments and digital transactions. In the Indian market, cash in circulation has increased by 16% CAGR over the last five years while 80% of eCommerce is now conducted via cash in non-metropolitan areas.
The CBI contract remains on course to deliver:
- Revenue of $25-30M per year
- EBITDA of $11-13M annually
The profile of the approval and deployment of the 2,550 ATMs under the CBI contract is as
- 500 sites live and transacting
- 1000 sites approved by CBI with ATMs in the process of being installed
- 1,050 sites awaiting approval by CBI
I am extremely pleased with the progress of the CBI contract rollout, as we have now doubled our payments footprint to more than 20 states across India. This helps deliver Findi’s objective of providing financial services to the more than 280 million underbanked customers across India,” Findi India CEO Mohnish Kumar said.