M Power Micro Finance Pvt Ltd is a non-deposit taking Non-Banking Financial Company (NBFC) registered under the Reserve Bank of India. Based in Maharashtra, the firm is offering diversified financial service since 2009, says K M Vishwanathan, Managing Director and Chief Executive Officer, M Power Micro Finance Pvt Ltd, in conversation with Rakesh Roy of Elets News Network (ENN).
Please apprise us on the journey of M Power Micro Finance Pvt Ltd so far
M power is an NBFC-MF. It is spread across three branches and operates through 37 branches. As a matter of fact, it has contributed a lot towards empowerment of women in terms of banking. We deal with 85,000 women customers, for its outreach programme. It has provided livelihood to more than 150,000 families in operational journey of seven years.
NBFCs have played a pivotal role in banking the unbanked, what’s your perception in this regard?
NBFC are the last mile connectivity in the overall financial intermediation chain. Banks do not have adequate branches and their ability to reach out is restricted. Hence, NBFCs are very important in the financial chain.
How have NBFCs evolved in terms digitisation?
NBFCs have developed their own software which is cost effective as far as managing collection, customer sourcing and portfolio management is concerned. Now many NBFCs have developed solutions with cost-effective vendors, feet on street monitoring, movement of staff monitoring, tracking etc.
Which technology trends are going to drive the NBFCs in future?
We foresee that NBFCs are mapping their customers through software. It is believed that in future the staff movement is tracked for better efficiency.
What are your company’s future business growth plans?
We plan to grow to 60 branches in the next 12 months and move to Rs 300 crores of Assets Under Management (AUM) by September 2018.