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."