Milton Friedman once said that "the poor stay poor, not because they're lazy, but because they have no access to capital." Till date, a huge section of population remains outside the formal banking system. Microfinance institutions are the only ones equipped to reach the 'unbankable' or 'unbanked' masses, and make financial services accessible to them.
Microfinance institutions serving retail customers have to face quite a specific set of challenges, which cannot be addressed with solutions meant for commercial banks. These challenges include:
No doubt, microfinance institutions have shown impressive growth and have been instrumental in the cause of financial inclusion, but a lot remains to be achieved.
Nelito's FinCraft Microfinance Solution is an integrated banking software solution for microfinance institutions (MFIs), active in both group and individual microfinance lending.
It provides MFIs with world-class banking capabilities that usually are only accessible to larger commercial banks with significant IT budgets.
Its Agency/DoorStep Banking feature helps agents to do various banking activities on the field such as Customer On-Boarding, transactions, collecting daily deposits, EMI collections which were earlier limited to branch networks. Other modules like Self-Help group help in managing the complete lifecycles of SHG's.
FinCraft Microfinance solution can be delivered on premise or via the Cloud
“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."