PayNearby and Protean Partner to Expand Credit Access via ONDC Network

Mumbai: PayNearby has partnered with Protean eGov Technologies to improve credit access for last-mile borrowers through the Open Network for Digital Commerce (ONDC). This collaboration aims to provide affordable credit options to underserved communities, using PayNearby’s 12 lakh+ outlets and Protean’s role as an ONDC technology service provider.

The new credit marketplace will aggregate multiple Loan Service Providers (LSPs) on a single platform, making it easier for small business owners and individuals in remote areas to access credit. Leveraging data models like the Account Aggregator (AA) framework, this initiative will offer tailored credit scoring and solutions for thin-file and new-to-credit customers.

Anand Kumar Bajaj, founder and CEO of PayNearby, emphasized that the integration would simplify the lending process and provide quick and accessible credit options. Suresh Sethi, CEO of Protean, highlighted consent-based data sharing to empower underserved populations, giving them access to formal credit using their transactional histories. This initiative is expected to broaden financial inclusion across Bharat, enhance rural credit availability, and democratize access to financial services.

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