Shillong, May 12: The North Eastern Development Finance Corporation Ltd. (NEDFi) and Veefin Solutions Limited have recently entered into a contract to implement an advanced digital lending ecosystem tailored for the northeastern region.
NEDFi said the partnership is poised to significantly enhance credit access, targeting entrepreneurs and borrowers in remote areas.
As part of this multi-year agreement, Veefin will provide a comprehensive suite of cloud-hosted solutions, which include a Loan Origination System (LOS), Loan Management System (LMS), and Loan Collection System (LCS). One of the features of this initiative is the incorporation of dedicated mobile applications designed for sales and collections alongside a user-friendly customer portal, ensuring a seamless experience for borrowers.
NEDFi CMD PVSLN Murty emphasised the transformative potential of this technology. With the new software fully implemented within the next few months, NEDFi aims to reach out to entrepreneurs in remote locations, particularly benefiting small borrowers in underserved areas, he said.
The mobile app will facilitate loan applications through mobile devices, while existing customers can access their account information conveniently on their smartphones, he added.
Executive Director of NEDFi, Lemli Loyi, highlighted the robust capabilities of Veefin Solutions. The collaboration promises to modernise lending processes and bring advanced financial services closer to the people in Northeast.
