In an effort to improve credit access, PayNearby, the premier digital network and branchless banking platform in India, is utilizing the Open Network for Digital Commerce (ONDC) to improve the affordability and accessibility of credit services for last-mile consumers.
Protean eGov Technologies Limited is the partner in the development of this new credit marketplace.
In this integration, Protean will function as an ONDC technology service provider, enabling the availability of credit for last-mile borrowers nationwide through PayNearby’s extensive Distribution as a Service (DaaS) network. The integration endeavors to increase credit accessibility for small business proprietors and individuals in remote regions of Bharat, in addition to the 12+ lakh active PayNearby outlets.
In order to offer citizens and businesses convenient and affordable alternatives, Protean will consolidate numerous Loan Service Providers (LSPs) onto a single platform. Credit scoring and customized solutions for thin-file and new-to-credit consumers will be provided by the initiative through the integration of smart data modeling and frameworks such as the Account Aggregator (AA). This will considerably improve the capacity of formal institutions to provide credit to underserved and rural populations.
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Enabling loan transactions for small business proprietors is one of the primary objectives of the government-backed ONDC network. This initiative will promote economic growth and financial stability in underserved regions by offering viable credit options to MSMEs and individuals.
The partnership will offer credit of up to ₹4 lakhs to both salaried and self-employed applicants as part of the product offering. The service is available to individuals aged 21 and older, and applicants are required to submit their bank statements and KYC documents.
Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said: “This integration with Protean through the ONDC Network will revolutionize how credit is accessed and delivered in Bharat. By offering formal credit options and tailored products, we are committed to providing our retail partners and customers with viable financing solutions. Our goal is to streamline the lending process, ensuring quick and easy credit access for all.”
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