IREP Credit Capital simplifies loan collection journey for MSMEs with Credgenics

•Elevated the borrower’s and collection team’s experience while unlocking efficiencies
•Enabled 3X increase in field debt recoveries with 35% following digital payments
•Facilitated adoption of digital collections processes across semi-urban and rural segments

NewDelhi, 08 February 2023: IREP Credit Capital, a Non-Deposit taking Non-Banking Financial Company (NBFC-ND) recently partnered with Credgenics, a pioneering SaaS-based debt collections platform to drive digital solutions for its MSME customers in South India. Since the implementation of the project,IREP has witnessed a 3X increase in field recoveries, higher efficiencies through 50% increase in number of field visits and 35% field collections coming through digital payments mode.

With a keen eye on deepening financial inclusion across India,IREP Credit Capital is focused on giving MSMEs more power and making it easy to get sustainable credit solutions. Credgenics CG Collect mobile application has enabled IREP Credit Capital to digitize the debt collection processes, streamline reconciliations and empower the field teams. The advanced capabilities of CG Collect app have augmented the loan allocations process, simplified visit management, reduced possibilities of fraudulent entries, there by enabling seamless tracking of field agents. Additionally, the offline operability has increased efficiency in remote network areas, making operations for field agents hassle-free. The CG Collect app simplified the repayment deposits process and allowed collection agents to deposit multiple loan amounts at the nearest branch.

IREP Credit Capital achieved 100% visibility on online recoveries and allowed agents to plan visits ahead of time through the Google Maps navigation feature. With more effective daily work planning, the agents could manage a 50% increase in daily visits. Collection managers were able to evaluate agent effectiveness and performance, which resulted in a 3X increase in field recoveries since the project's implementation.

Naresh Naik, CEO, IREP Credit Capital said, “We are strong believers in the power of small businesses and that they should be empowered with the right financial solutions to be able to achieve their goals.As a part of this technology powered transformative agenda, we have partnered with Credgenics, a leading technology player in debt collections. We aim to harness advanced technology solutions and empower the MSMEs and entrepreneurs in tier 3 & tier 4 towns in South India. Credgenics has helped us in the digitization of field collections and it holds tremendous potential to simplify and improve debt collections processes in India.”

Rishabh Goel, Co-founder and CEO, Credgenics said, “IREP Credit Capital is regarded as a pioneer in identifying newer technological innovations to provide customer focused financial services for its customers. We are delighted to be working with them and supporting their efforts to boost digitisation for MSME focused retail lending in India. Our CG Collect platform has been specifically designed to address the challenges for field teams in debt collections and the positive impact that it has been able to deliver for our customers is extremely exciting.”

About IREP Credit Capital

IREP Credit Capital was established with the aim of supporting entrepreneurs in Andhra Pradesh, Telangana and Karnataka with customized credit solutions. Over the years, IREP has established itself as a trusted lender in the MSME landscape. The underserved businesses in semi-urban and rural financial ecosystems have had much to gain owing to the presence of IREP CreditCapital as a one-stop shop for hassle-free credit solutions.

About Credgenics

Credgenics is the leading provider of Loan Collections and DebtResolution technology platform to Banks, Non-banking finance companies,FinTechs, and ARCs worldwide. The AI-powered SaaS-based platform has been recognized as the  #1 Best Selling LoanCollections Platform in India by IBS Intelligence in their Annual Sales LeagueTable 2022. Credgenics works with 75+ customers and handles USD$2 bn NPA stage retail loan book value, USD $6 bn delinquent stage retail loan book value. It manages 22 million retail loans and sends 50 million digital communications every month. With Credgenics, lenders have increased resolution rates by 20%,improved collections by 25%, reduced collections cost by 40%, reduced collections time by 30%, and improved legal efficiencies by 60%.