IREP Credit Capital and Credgenics simplify loan collections for MSMEs

By Leandra Monteiro

IREP Credit Capital, a Non-Deposit taking Non-Banking Financial Company recently partnered with Credgenics, a pioneering SaaS-based debt collections platform to drive digital solutions for its MSME customers in South India.

Since the implementation of the project, IREP has witnessed a 3X increase in field recoveries, higher efficiencies through 50% increase in number of field visits and 35% field collections coming through digital payments mode.

Naresh Naik, CEO, IREP Credit Capital said, “We are strong believers in the power of small businesses and that they should be empowered with the right financial solutions to be able to achieve their goals. As a part of this technology-powered transformative agenda, we have partnered with Credgenics, a leading technology player in debt collections. We aim to harness advanced technology solutions and empower the MSMEs and entrepreneurs in tier 3 & tier 4 towns in South India. Credgenics has helped us in the digitization of field collections and it holds tremendous potential to simplify and improve debt collections processes in India.”

With a keen eye on deepening financial inclusion across India, IREP Credit Capital is focused on giving MSMEs more power and making it easy to get sustainable credit solutions. Credgenics CG Collect mobile application has enabled IREP Credit Capital to digitize the debt collection processes, streamline reconciliations and empower the field teams.

The advanced capabilities of CG Collect app have augmented the loan allocations process, simplified visit management, reduced possibilities of fraudulent entries, thereby enabling seamless tracking of field agents. Additionally, the offline operability has increased efficiency in remote network areas, making operations for field agents hassle-free. The CG Collect app simplified the repayment deposits process and allowed collection agents to deposit multiple loan amounts at the nearest branch.

IREP Credit Capital achieved 100% visibility on online recoveries and allowed agents to plan visits ahead of time through the Google Maps navigation feature. With more effective daily work planning, the agents could manage a 50% increase in daily visits. Collection managers were able to evaluate agent effectiveness and performance, which resulted in a 3X increase in field recoveries since the project’s implementation.

Rishabh Goel, Co-founder and CEO, Credgenics said, “IREP Credit Capital is regarded as a pioneer in identifying newer technological innovations to provide customer focused financial services for its customers. We are delighted to be working with them and supporting their efforts to boost digitisation for MSME focused retail lending in India. Our CG Collect platform has been specifically designed to address the challenges for field teams in debt collections and the positive impact that it has been able to deliver for our customers is extremely exciting.”