Key Points
The IT giant had recently announced plans to offer a range of credit products to consumers and small businesses in India through partnerships with lenders and financing companies..
The International Finance Corporation (IFC) estimates that 65 million firms or 40% of formal micro, small and medium enterprises (MSMEs) in developing countries have an unmet financing need of $5.2 trillion every year, which is equivalent to 1.4 times the current level of the global MSME lending...
Asserting the need to bring in automation tools to smoothen the loan sanction and disbursal process, she adds that mentoring is the key to digital and financial literacy to help MSMEs adopt digital payment platforms like PhonePe, Google Pay and Paytm...
Sanjeev Kumar, Co-Founder, Executive Director & CEO, Spice Money, says, The challenges faced by SMEs in obtaining credit are multifaceted, ranging from the lack of collateral to limited credit history, which are often prerequisites demanded by traditional financial institutions for loans..
Yogesh Gawande, founder of MSME manufacturing firm Niyo Solutions, says, I use digital banking and have observed that over the last three years, nearly 90% of my customers have become comfortable using digital payment apps like PhonePe, Google Pay and others..
