Protean & PayNearby streamline credit services leveraging ONDC network in India

By Gloria Mathias

Protean eGov Technologies, a RegTech and Open Networks company, has partnered with PayNearby, a branchless banking and digital network, to make credit services more accessible and affordable for Indians nationwide, leveraging the ONDC network.

In this partnership, Protean will serve as an ONDC technology service provider facilitating credit availability for nationwide last-mile borrowers through PayNearby’s Distribution as a Service (DaaS) network.

Smart data modelling and the use of frameworks like Account Aggregator (AA) will ensure credit extension to new-to-credit underserved citizens, driving breakthroughs in the way India lends. Protean will also aggregate multiple Loan Service Providers (LSPs) onto a single platform, giving citizens and businesses the convenience of choice and affordability.

With PayNearby’s robust DaaS network, Loan Service Providers (LSPs) gain seamless access to local markets through digitally enabled retailers, streamlining servicing costs. The Account Aggregator (AA) framework enhances credit scoring to accurately assess new-to-credit (NTC) and thin-file segments accurately, enabling tailored credit to a wider audience.

Suresh Sethi, Managing Director, and CEO of Protean eGov said, “Bharat is still underserved in terms of access to formal credit. We firmly believe consent-based data sharing through Account Aggregator will digitally empower individuals with their own data. Towards that, we have partnered with PayNearby to leverage the Account Aggregator and ONDC network to further accelerate financial inclusion and enable credit access for individuals and businesses at the last mile. This partnership will enable seamless discovery of borrowers and lenders and help create a more inclusive financial system in India.”

Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “At PayNearby, we champion financial inclusion. However, true inclusion requires credit access at the last mile. Our integration with Protean through ONDC will revolutionize credit availability in Bharat. This partnership enables LSPs to offer formal credit to MSMEs and customers with competitive pricing and tailored products. We’re excited about the potential to create value for our retail partners and customers alike. Zidd Aage Badhne Ki!”

Local retailers will streamline the process for the tech-shy and documentation-averse last-mile customer, ensuring faster and hassle-free loan applications and disbursals.