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Overview

FinCraft™ Core Micro Finance solution is a tested and proven solution built using the latest technology framework and includes an Android-based mobility solution tailor-made to suit Micro Finance operations on-the-field.

It is derived from Nelito's Core Banking platform (FinCraft) – a highly successful banking platform.

Features

Nelito's FinCraft™ Micro Finance is designed for ease of operations for operating environment and conditions in which Micro-Finance companies operate.

  • 1Design - The complete solution is modular and layered in design – architecturally as well as functionally. This helps us customize the solution easily and faster for the benefit of our clients.
  • 2Straight Through Processing (STP) - The concepts of Straight Through Processing (STP), Unique Customer Identification File (CIF) and Service Oriented Architecture (SOA) are deeply ingrained in the solution which help achieve desired flexibility and scalability to support operational growth.
  • 3Workflows - The workflows and business rules engine provide a great opportunity for operational streamlining and automation in existing processes.
  • 4Integrated Financial Accounting  - Solution is equipped with integrated financial accounting module. Dynamic GL configuration (chart of Account) is provided to configure accounts as per business needs.
  • 5Target Customers Configurator - Targets can be set from top level i.e. from Zone/Region level to individual employee level.
  • 6Integration with Credit Rating Companies Solution  - Solution has been integrated with Credit Bureau Rating Solution for quick processing to get their rating helping to take right decision to consider that target customer based on the number of companies from where the existing loans are taken by the target customer etc.
  • 7Integration with Insurance Companies Solution  - Integration with Insurance Company Solution is carried out to update the customers in the life insurance policy under which the customer's life is to be covered before disbursement of loan and also to extend the coverage/renew the cases for cases which are for more than one-year duration.
  • 8Integration with Digital Stamping (Optional)  - To stamp the digital signature of customer on documents like application form with terms & conditions.
     
     
     
  • 9 Admin Console Module  - This is core functionality of the solution. Micro Finance Company can define their own organization structure and have the flexibility to map their business units as per required hierarchy e.g. Head Office – Zonal/ Regional Office – Area Office – Branch Office – JLG Centre – JLG Group – Customer.
    • Users Roles
    • User Management
    • Access Management
    • Workflow Engine Configurator
    • Calendar Definition
  • 10On-the field operations - The end-to-end field operations processes have been covered in Android based Smart Phone Application. They include
    • Customer on boarding (including eKYC & Regular KYC)
    • Group formation (Compulsory Group Training - CGT)
    • Centre formation & Centre Recognition Test (CRT)
    • Loan proposal creation
    • Loan proposal approvals and appraisal
    • Guarantor Details Entry (for Individual Loans)
    • Loan Disbursement Schedule Creation
    • Disbursement of Loan Amount
    • Collection of EMI
    • Collection of Center Advance
    • PDC Management using Mandate Management
    • Progress out of Poverty Index

Process Flow

Group/Centre Formation

  • Field Visit
  • Motivation
  • Pre-Group Formation
  • Compulsory group training(CGT)
  • Pre-Group Test
  • Group Reconciliation Test (GRT)
  • Center Formation

Loan Process

  • Centre Meeting
  • Loan Demand
  • Group/Center recommendation
  • Verifying by field Assistant
  • Approval of loan by branch manager / concerned authority

Loan Disbursement & Repayment

  • Loan Disbursement
  • Field Assistant visits group for loan supervision and monitoring
  • Approaching to the borrowers
  • Borrowers repaying the installment
  • Branch manager verifying the installment collection

Other Features

  • Adherence to Regulatory Regulations.
  • Improve Straight Through Processing.
  • Regulatory Reporting & MIS Reporting.
  • Mobile Banking – An Android based Mobile Application is fully developed to cater the anytime anywhere banking requirement. This application can be integrated with the Core Micro Finance solution (CMFS) according to the requirement of the client.
  • Compatibility for Multiple Partners – FinCraft Core Micro Finance solution is flexible and configurable. It can be enhanced to use across all partners of the client.
  • Refined integrated mobility solution (using Android based Smart Phones/Tablets).

Advantages of FinCraft Core Microfinance Solutions

Our FinCraft Microfinance Solution implementation has provided following advantages to our customers

  • Reduced Process Time  - The Customer application process time has been reduced from 3 days to 3 hours due to integration of the Solution with various agencies such as Credit Bureau, Insurance etc.
  • Real Time Accounting  - The real time accounting entries has improved the Cash Management.
  • Risks Mitigation  - Loans related risks have been mitigated due to instant Insurance operationalization.
  • Unified Solution  - a. One Solution for various Loans schemes saves efforts required for the Reconciliation.
  • Improved Operational Efficiency  - Improved Operational efficiency due to integrated Solution.

Challenges Faced by MicroFinance Institutions

  • Cost of Outreach

  • Lack of Scalability

  • Diverse Business Models

  • Geographic Factors

  • Requlatory Compliance & Reporting

  • High Per Transaction Cost

  • KYC and Security Challenges

  • Start New Offers Seamlessly

How Fincraft MFI Solution Can Help?

Cost Reduction

Makes Servicing Low Value Loans Viable

100% Mobile Based 24 X 7 Access

Increase Reach of Branch-less Operations Real Time

Funder & Fund Management

Customized Modules for Funder & Fund Management

Increase Profitability

Seamless Process to Foster Collaboration Enhance Staff Productivity

Related

Case Studies

  • Implementation of Microfinance solution in Sonata Finance Pvt. Ltd., Lucknow

Solution Availability

Our solutions are available globally. Please visit our country pages for more information

CLIENT SPEAK

  • CBS

    “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.”

    D K Kandpal | Vice President (IT)

    Nainital Bank
  • MIS ADF

    “Good & Co-operative.”

    Ronniee Gupta | DGM

    UCO Bank
  • CBS

    “We appreciate your local team who continuously supported & assisted our team to meet the goal.”

    Nagendra Nath Sinha | Principal Secretary IT

    Government of Jharkhand, Ranchi
  • CBS

    Knowledge and service provided to the bank is beyond expectation. And we would definitely engage and recommend solution to others .

    Rachelle F. Rivas | IT Project Manager (Senior Manager)

    Bank of the Philippine Islands (BPI)
  • CBS

    • As Vendor strict adherence to process & procedures
    • Risk Mitigants in Place
    • Flexible to customer requirements

    Dinesh Negi | VP (Clg)

    DCB Bank Ltd
  • Custom Application Development testimonial

    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.

    K.T. Wadia | CEO

    The Sutex Co-op bank Ltd
  • CBS

    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.

    Ashuthsoh Satsangi | VP-Operations

    SMERA
  • CBS

    Everything was successfully implemented and tested. The implementation was professionally done in a very efficient and cooperative manner. Migration was very smooth.

    Frithjof Ramb | Vice President

    SBI- Frankfurt, Germany
  • CBS

    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.

    Sanjay Kamlakar | Under Secretary to GoM

    Govt of Maharashtra
  • DGM

    "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."

    Susanta K. Padhi | DGM

    National Housing Bank
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