North Eastern Development Finance Corporation Ltd (NEDFi) and Veefin Solutions Limited have signed a multi-year contract to implement a state-of-the-art digital lending ecosystem for NEDFi designed to enhance credit access across the North Eastern Region of India. The agreement calls for the deployment of a cloud-hosted platform to modernise loan origination and servicing. The initiative aims to extend financial services to small borrowers in unserved and underserved areas.

Under the contract Veefin will deliver a complete suite comprising a Loan Origination System (LOS), a Loan Management System (LMS) and a Loan Collection System (LCS) along with dedicated mobile applications for sales and collection. A specialised customer portal will provide an end-to-end digital experience for borrowers. The solution will integrate with external systems including credit bureaus and banking application programming interfaces to create a unified financial ecosystem.

NEDFi selected Veefin through an extensive request-for-proposal process after concluding that the vendor's LOS, LMS and LCS mobile solutions met the corporation's digital transformation requirements. The supplier's functional expertise in lending and industry-standard software were cited as instrumental in modernising lending processes. NEDFi envisages expanding its basket of financial products to include working capital revolving loans and expects the mobile app to enable new entrepreneurs to apply for loans and existing customers to view account-related information on smartphones.

The agreement emphasises security and compliance with the Reserve Bank's Master Directions on IT Governance and Outsourcing, and includes robust end-to-end encryption and real-time security monitoring. The platform is sized to support NEDFi's objective of last-mile credit across the North Eastern Region. North Eastern Development Finance Corporation Ltd is the premier financial institution of North-East India with headquarters in Guwahati, Assam, providing solutions to MSME enterprises and start-ups in eight states. Veefin Solutions is an enterprise software company that builds core financial platforms for banks, non-banking financial companies and regulated financial institutions.