New Delhi, Apr 30 (KNN) In a strategic move aimed at enhancing financial inclusion, PayNearby, India's leading branchless banking and digital network, has announced a collaboration with MyShubhLife, an embedded credit platform.

This partnership seeks to provide PayNearby's extensive network of distributors with improved access to revolving credit lines, fostering greater financial agility within the Micro, Small and Medium Enterprise (MSME) sector.

The alliance comes at an opportune juncture, as the demand for digital financial services among MSME distributors, particularly in underserved and remote areas, continues to surge.

MyShubhLife's innovative technology platform, underpinned by advanced analytics, artificial intelligence, and machine learning capabilities from its Data Sciences Centre of Excellence, enables the scoring of thin credit files. This cutting-edge approach facilitates seamless micro-lending experiences for customers, allowing them to secure loans based on PayNearby's proprietary 'bharosa score' parameters.

With its extensive reach, PayNearby serves 75 per cent of India through its Distribution as a Service (DaaS) network, offering a comprehensive suite of services, including cash withdrawal, e-commerce, bill payments, savings, travel, and insurance. Boasting a presence of over 12 lakh micro-entrepreneurs across 22,000+ PIN codes, PayNearby is at the forefront of driving financial accessibility throughout the country.

Anand Kumar Bajaj, Founder, Managing Director, and CEO of PayNearby, commented on the partnership, stating, “Our aim is to provide our distributors with enhanced access to revolving credit lines, enabling them to secure better working capital and drive growth in their businesses.”

Monish Anand, CEO and Founder of MyShubhLife, remarked, “Our company has always focused on building a robust data-science-based platform to accelerate financial inclusion, with a special emphasis on the underserved MSME merchants across the country. The sophisticated embedded credit platform offers several advantages to the end customer.”

(KNN Bureau)