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Microfinance Solution

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.

Lower operational cost with 100% Digital Experience

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:

  • Mobile Apps for data entry
  • Error free data entry vide accurate extraction of data from scanned documents
  • Automatic generation of documents
  • eSign, digital receipts, SI
  • Simpler digital journeys for repeat customers

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Improve business with flexible workflows

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:

  • BPML compliant workflow
  • Task framework with auto-allocation
  • Rules engine support

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Implement tighter controls and lower risk with Cashless Disbursements and Collections

Cash is still a prevalent mode of transaction in MFI lending business. However, cash adds to operational risk and cost of carrying cost. Novopay supports several features to handle and mitigate the same:

  • Cashless disbursement into Bank accounts
  • Prepaid cards for cashless disbursements
  • Standing instructions support for collection mandates
  • eNACH support
  • Bulk collect using UPI and payment link
  • Collection App – with Branch sync and cash tally
  • Cash-in-hand analytics

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Scale business by engaging Business Correspondent partners

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:

  • BC management, along with FLDG set up
  • BC commission management
  • File and API based loan origination, disbursements and repayments
  • Ability to define differential rules for partners
  • Web app and Mobile App extension to BC partners

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Cross-sell to engage customers and improve profitability

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:

  • Micro-ATM services to help customers operate their bank accounts
  • DMT services
  • Health insurance
  • Hospitalisation insurance
  • 2 wheeler insurance
  • RD & FD origination
  • Bill Payment and recharges

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Novopay’s Engagement Model

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.

What do we bring to the table?

  • Loan officer App with offline and online capabilities
  • LOS for credit under-writing
  • LMS to support several MFI loan products management and servicing
  • Collections module, with collection App
  • Analytics and Dashboards
  • Novopay’s value added products and services
  • Cloud hosted service with high availability
  • In-premise deployment
  • TechOps and DevOps for Cloud set up

Our Value added services

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:


mATM

Bulk Payments

Bulk collections

Document digitization

eSign

ID verification

Cash deposit

Field force automation

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