MSME Focussed NBFC Maitreya Capital Invests in Tech-Based Banking and Payments Services Provider Paythrough to Serve Rural Areas

27 Sep 2022 , 11:07 AM

Business Wire India
Maitreya Capital & Business Services Pvt. Ltd. (Maitreya), one of the pioneering MSME-focused NBFCs, has sought to develop enhanced capabilities to continue offering relevant solutions to MSMEs in a post-covid environment where digital solutions and new underwriting methods have become the standard.

Maitreya has acquired a 50% share in Paythrough Softwares and Solutions Pvt. Ltd. (Paythrough), the company which has developed the ‘Nagad Neo-Banking Platform’ for enabling smaller communities with a comprehensive MSME solution.

A merchant with a Nagad account in Chapra, Bihar, will now get the following benefits:

1. 0% MDR on all Nagad Customer payments, UPI payments, etc.

2. Instant Settlements, Free Devices, and QR codes help them serve more clients.

3. Cash-back on bulk purchases, including purchases of inventories.

4. Loans for working capital up to Rs. 20 lacs.

The partnership with Maitreya facilitates the expansion of Paythrough’s agent network and, therefore, its payments business.

Shiv Narayan Pandey, a merchant based in Barwaada Village, District Dhanbad (Jharkhand), says:

“Before the availability of the Nagad Merchant Program, my store’s only source of revenue was the sale of everyday groceries, which was not enough to support my family. As a result, I looked for methods to increase my sales.

I was informed about the Nagad Program and the cash-back option at the Merchant location. By linking my firm to UPI and QR codes, the Nagad Merchant programme helped my enterprise digitally.

I now attract more clients with the cash-back programme and digital transactions. Our revenue has grown as a result of customer’s ability to pay their bills alongside their grocery purchases. The convenience of Nagad has revolutionised modest Kirana businesses, and customers are happy. I’ve also applied for a credit line, which I’ll use to acquire further stock for my store.”

Paythrough’s strategic collaboration has also bolstered Maitreya’s senior management team with expertise in technology, rural marketing, and agri-allied financing sectors. Maitreya intends to actively investigate the feasibility of sourcing “Priority Sector Loans” for many banks using a BC model or co-lending arrangement. The planned initiative to establish a technological platform for FPOs (Farmer Producer Organisations) represents another step in this direction. With these moves, Maitreya will have a healthy balance of fund-based and fee-based operations while maintaining its primary emphasis on financial inclusion.
About Maitreya Capital and Business Services Pvt. Ltd. (Maitreya)

Maitreya is an NBFC created in 2015 by four financial experts, each with almost 30 years of experience at companies like ICICI Bank, HDFC Bank, Citibank, IDFC, etc. Since its founding, it has concentrated on financing micro businesses and self-employed individuals. Its current portfolio is mostly handled via its branch network in the greater Mumbai and Pune areas.

About Paythrough Softwares and Solutions Pvt. Ltd. (Paythrough)

Paythrough is a technology and financial services provider with 10,000+ Agent locations delivering Cash deposits, Withdrawals, and Bill Collection in partnership with RBL Bank and Equitas Bank. Paythrough selects forward-thinking villagers and equips them with the “Paythrough Digital Financial Kit” to offer essential banking services in remote regions. The Paythrough agent network is widely dispersed throughout three states: Bihar, Jharkhand, and West Bengal.

About Nagad Program and Its Benefits

Nagad is a membership program for customers and retailers in Tier-2 to Tier-4 cities. It offers Neo-Banking services to customers and merchants, which includes banking, payments, credit line and cash-back to its members.

Member Customer Benefits:

1. About 10% cash back on purchases. This covers groceries, sweets, office supplies, medicine, clothing, hotels, restaurants, diagnostic centres, nursing homes, and hospitals.

2. Discounts on their online purchases from retailers like Amazon, Flipkart, Myntra, OTT platforms, Travel, Ticket Bookings, etc.

3. A debit-cum-credit card with instant credit is available for up to Rs. 5,000 by default for their use which is repaid in 30 Days at 0% charges. In addition, buyers will get a ‘Buy Now Pay Later’ (BNPL) facility for expensive purchases.

4. Online payment methods such as QR codes and bank account-linked UPI transfers. With this, customers may pay their bills, recharge their mobile phones/DTH, repay their loans, pay school/college fees, and pay their FasTag tolls.