Microfinance Lending Platform

The client is a FinTech undertaking, a global leader in Mobile Financial Services that aims at simplifying financial access to over two billion unbanked, under-served people in the emerging markets of Africa, Asia, and Latin America via the device. Nurtured with an aim to provide tailor-made financial services by leveraging the digital footprints of an individual, the mission is to create world-class innovative products to improve the lives of people who do not have access to regular financial services.

Excessive loan review times, manual data re-keying, as well as an opaque risk evaluation engine, were contributing to loan approvals taking four to six times longer the industry average. The business had to request IT for continued support because the risk evaluation rules were embedded directly in a Fortran codebase. The inaccessible rule engine prevented the business from improving the loan offering and identifying new products opportunities.

We are asked to build a micro-lending platform with the help of scalable technology and analytics to reduce the cost of delivering financial services. Integrate with partners who are leading banks, MFIs, credit bureaus, mobile financial providers, MNOs, and handset manufacturers.

Technologies Used: Ruby on Rails, Puma, S3, MySQL, EC2, Nginx, Apache NiFi, Redis

We’ve built a process of loan crediting and managing the customers. Customers will be hitting USSD calls through their mobile after hitting the USSD based on the customer’s credit limit, the system will identify customer eligibility. Upon Customer confirmation, the loan amount will be credited to the customer’s wallet. Once the loan amount is credited to customers' wallets. Customers will be able to utilize the loan amount. Customers will be able to repay the loan amount through USSD from their mobile phones. From USSD, customers will be able to OPT-IN, OPT-OUT, PAYBACK, etc.

Below are some modules we have built in the product:

With a vast set of modules, the product is a go-to-platform for the unbanked sector to avail the financial services.