In the existing system, loan disbursement & collection are done through field officers of the microfinance institution. The agents have a security deposit with the microfinance company and they can collect loan EMI’s from the customer up to the limit proportionate to the security deposit.

The company does not have any control over the amount collected by agents and issuance of receipts and documents / certificates to the customer.

Our mobile solution for Micro Finance Institutions or NBFCs with rural focus is to automate the customer enrolment, loan disbursement & collection process based on efficient, fool-proof and cutting edge mobile technology that is designed to handle large volume of data. We believe our solution will overcome the challenges / limitations in the current process of loan disbursement & collection.

This system gives a total control over the money disbursed or collected by the field/loan/livelihood officers, issuance of receipts to the customer when a payment is made, which is an evident acknowledgement for the payee. Also the system has provision to enter the details related to documents issued to the customer.

The application will be loaded on to the field officer’s mobile phone which will  be capable of

1. Downloading the collection demand sheet from the company’s MIS on a daily basis.
2. Capturing details of money collected from the customer.
3. Entering details regarding issuance of relevant documents (Receipt number etc…)
4. Authenticating the field officer using smart-card or biometrics
5. Transferring the captured data to a backend server through GPRS Network.
6. Offering offline support to store the data temporarily in the mobile phone to later upload it in batches whenever connectivity is available.
7. Being  integrated with any bank or monitory platform through any standard interface, preferably ISO 8583The data transferred to the backend server shall be used to integrate with other backend systems of the Company for Automation and MIS if applicable.