Fintech Solution for Microfinance
Introduction
A microfinance institution (MFI), of a NBFC wanted to expand its reach and improve the efficiency of its loan disbursement and repayment processes.
Challenges
📌 Limited Access to Finance: Many rural communities lacked access to traditional banking services.
📌 High Operational Costs: Manual loan processing was expensive and time-consuming.
Our Solution
We developed a mobile-based fintech platform:
✅ Digital Loan Applications: Customers could apply for loans using their mobile phones.
✅ Automated Loan Processing: Algorithms to assess creditworthiness and approve loans quickly.
✅ Mobile Repayments: Customers could repay loans using mobile wallets or other digital payment methods.
Technologies Used
- Mobile Development: Android/iOS
- Backend: Node.js or Python
- Payment Gateway Integration: (e.g., UPI, mobile wallets)
Results & Impact
📈 Increased Customer Reach: The mobile platform enabled the MFI to reach more customers in remote areas.
⚡ Reduced Operational Costs: Automated loan processing and digital repayments reduced costs.
🎯 Improved Loan Repayment Rates: Mobile reminders and easy repayment options improved repayment rates.