Arohan Financial Services gets recognized for its Technology Innovations

Arohan Financial Services gets recognized for its Technology Innovations

Kolkata,7th June 2023– Top-notch MFI 1 graded, Arohan Financial Services has won recognitions in the categories of “Innovation in Lending” for ArohanPrivilege – a first-in-the industry digital lending platform for microfinance customers, “Lending Solutions” for Nirnay – an industry leading credit scoring system and “Financial Inclusion Programme” for ApnaArohan at the SKOCH Fintech Awards, 2023. recently.

Arohan’s industry-first credit scoring system ‘Nirnay’ stands out with its advanced algorithms and holistic evaluation, considering various factors beyond traditional credit metrics.

ApnaArohan Customer App is a 3600 mobile app for the millions of customers that Arohan caters to. Equipped with regional language capabilities, the app allows customers to get information on their existing loans, including eligibility checks for future loans, and information about various cross-sale products, including insurance and even allows customers to pay their EMIs online directly through the app. As an industry-first initiative, the app facilitates for a select group of customers – ArohanPrivilege, the facility of getting a loan within 10 minutes after a successful loan application on the mobile app.

Mr. Manoj Nambiar, Managing Director, Arohan Financial Services Limited, said “Arohan’s prudent investment in building a state-of-the-art technology landscape is a testimony of the Company’s commitment to transparency, robust operational processes, scalability, and sustainability. We are focused on our Vision of impacting 20 million lives by the year 2027.”

Such milestone technology innovations set the platform for a paradigm shift in the ethos of the microfinance industry in the country. Arohan has also been conferred the top-notch MFI 1 grading, the seventh year in a row, by CARE Advisory Research and Training Limited (CareEdge Advisory) after a comprehensive evaluation conducted in April 2023. The MFI 1 grade is assigned on an 8-point scale and signifies the “Highest capacity to manage microfinance operations in a sustainable manner”.

As Arohan Financial Services Limited continues to receive industry recognition and expand its reach, it remains steadfast in its commitment to providing inclusive financial services, driving one of the key national priorities of financial inclusion.