Novopay Microfinance Solution enables the entire gamut of MFI Operations. The solution comprehensively supports end-to-end loan lifecycle management from origination to recovery.
Novopay brings a highly matured offering for Micro Finance and Community Banking companies. Loan officer Apps for online and offline operations in the field, Web based Loan origination and Credit under-writing, robust Loan Management, Full-fledged accounting, Loan collections, pre-built integrations and powerful analytics for business insights.
Shortest turn-around time from loan origination to disbursement often is the most important factor for a microfinance customer to choose their lender of choice. Novopay’s 100% digital servicing app, from origination to collection helps MFIs improve efficiency by 60% and lower operational cost. Some of the Digital capabilities are:
Differing the process to suite business needs, whether for a different product, a repeat cycle loan, cross-sell to a pre-approved customer or a specific process for a BC partner – can help grow business rapidly. Novopay MFI lending Solution offers the following key enablers:
Cash is still a prevalent mode of transaction in MFI lending business. However, cash adds to operational risk and the cost of carrying cash. Novopay supports several features to handle and mitigate the same:
BC partners can help expand your business quickly by reaching new customers and servicing them better through the BC network. Novopay enables larger MFI lenders to engage BCs through extensive BC management capabilities:
Thanks to high-touch model, Micro Finance Institutions develop deep relationship with their customers. Novopay’s optional solutions can help you engage the customers for their broader financial needs. In that process, you can create loyal customers and earn larger fee-based income. Key cross sell features supported are:
Novopay offers its MFI Lending Solution as a Cloud offering and as well as a deployed implementation within a Bank/MFI premise.
In India, we also bring a host of pre-built integrations such as Highmark, PAN-NSDL, UIDAI, Posidex, Centralised GL etc.
Various optional value-added services are available. These services are offered in India and needs separate service arrangement with Novopay. Few of them are listed below:
Field force automation