Nelito Systems, a Mumbai based digital consulting and solutions company catering to banks and governments, is expanding its horizons to provide IT solutions to Non-Banking Financial Company (NBFC) and Micro Finance Institutions (MFI) segments. The move comes after the company decided to expand its business in the overseas markets and as a part of its renewed India strategy.
As a leading provider of India's Banking software solutions, Nelito Systems has created a niche for itself by offering its own products as well as services. It has expanded its focus to reach NBFCs and Microfinance companies. With the government taking initiatives to promote Financial Inclusion and digitisation of the economic activities in India, the company sees a huge opportunity in smaller towns and rural areas.
At a time when PSU and other private banks are struggling with NPAs, it is NBFCs and MFIs who are providing the financial support to the rural communities with small ticket loans. As per industry estimates, MFI's expanded more than 60% in the last FY. The reported 166 MFIs have reached out to an all-time high of 39 million clients with an outstanding loan portfolio of INR 63,853 crore. Many of these institutions are now looking to digitise their operations for various purposes such as lending, transactions, better service delivery and so on.
Nelito expects strong growth in its business from this segment and command a significant share in the marketplace. It has already created a customer base and is engaged in implementation of the solutions at more MFIs and NBFCs.
"Nelito is focussed on providing affordable excellence through its digital consulting and solutions to make a difference to lives of the people at the bottom of pyramid. It plans to do so within India and other developing countries by providing 'Technology for Banking the Unbanked'. Our solutions are helping our customers serve millions of borrowers affordably and efficiently," said Punit Jain, CEO, Nelito Systems Limited.
He added, "Nelito Systems has a promising future due to its focus and expertise on Banking & Financial Services segments. It has started making inroads in overseas countries with its FinCraft suite of solutions. We expect about 30 per cent of our revenues coming from international markets in next 3 years."
“The Bank is associated with M/S Nelito since 2002. M/S Nelito Systems Ltd has been our CBS vendor since 2009. The Products, quality of service offered by them are excellent. They have a very good support team and are trained enough for handling any type of situation.”
“Good & Co-operative.”
“We appreciate your local team who continuously supported & assisted our team to meet the goal.”
Knowledge and service provided to the bank is beyond expectation. And we would definitely engage and recommend solution to others .
Bank has implemented CBS of Nelito Ltd in the year 2008-09 in phase manner. Also integrated RTGS/NEFT, CTS, MMS etc which help us in smooth automation of banking operation.
Experience during development of Rating Engine Module has been good in the context of commitment to meet timelines & lot of hard work has been put by Nelito's team.
Everything was successfully implemented and tested. The implementation was professionally done in a very efficient and cooperative manner. Migration was very smooth.
Nelito and its team has always been supportive and efficient in achieving the tasks set up by the Dept. Apps developed by the software engineers for the Public Health Dept have proved to be excellent among the top competitors and have been acclaimed for its effective service delivery to the end user at the grass root level which is the foremost object of any Govt organization. Many thanks for the sincere efforts.
"We appreciate Nelito team who were always on time and responsive to our needs and changing ideas. They worked efficiently from the project inception to its completion in a timely and professional manner. Their understanding of this space has been invaluable to the success and launch of 'PMAY CLSS' app."