PayNearby, a leader in branchless banking, has teamed up with Protean eGov Technologies to enhance credit accessibility for underserved borrowers through the Open Network for Digital Commerce (ONDC). This new initiative aims to simplify credit access for last-mile borrowers and small business owners across Bharat.
Leveraging PayNearby’s extensive network of over 1.2 million outlets and Protean’s role as an ONDC technology service provider, the collaboration will bring credit services directly to local retail stores. The integration will utilize smart data modeling and frameworks such as the Account Aggregator (AA) to offer tailored credit solutions, particularly for those with thin credit files or new to credit.
Anand Kumar Bajaj, Founder and CEO of PayNearby, highlighted the initiative’s transformative potential, stated, “Our integration with Protean through ONDC will revolutionize credit access in Bharat, providing formal and accessible financing options to our retail partners and customers.”
Protean’s Managing Director and CEO, Suresh Sethi, emphasized the impact of data-sharing technologies, said, “By combining Account Aggregator and ONDC’s open network with PayNearby’s extensive reach, we aim to empower underserved borrowers with easier access to credit.”
Thampy Koshy, MD & CEO of ONDC, added, “This collaboration marks a significant step toward enhancing financial inclusion and supporting economic growth by making credit more accessible to rural and underserved populations.”
The new credit marketplace will offer loans up to Rs. 4 lakh for both salaried and self-employed individuals, with applications requiring KYC documents and bank statements. This initiative is set to bolster financial stability and growth for MSMEs and individuals in remote areas.
