NMB Microfinance launches loan automation system
NMB Microfinance Financial Institution Limited has partnered with SB Solutions Pvt. Ltd. to launch a credit automation system called Credit X. It automates and digitizes internal loan workflow, risk assessment, loan approval.
Chief Executive Officer of NMB Microfinance Financial Institution Limited Ananda Pandey and Chairman of SB Solutions Bipul Dhakal signed the agreement on behalf of their respective institutions.
With the introduction of Credit-X (Debt Automation System), microfinance institutions will be able to fully operate paper-based loans.
It will also help reduce the risk associated with borrowing customers by monitoring the risk parameters within the system.
This new approach helps microfinance institutions to complete the loan process faster. The system also processes collateral and non-collateral base loans.
The loan automation system is designed to meet international rating standards. This autonomous system operates in the form of customer objective evaluation as well as standardization of thematic parameters.
With the implementation of this new system, the consumers of microfinance institutions will be able to avail the estimated benefit of more than 50 percent reduction in the turnaround time of the processing and loan approval process.