Qualcomm to boost microfinance with 3G project

NEW DELHI, INDIA: Qualcomm Inc has a launched a pan-India project to eliminate poverty using 3G-connected tablets with an android-based MicroLekha app to improve efficiency, profitability and transparency of microfinance institutions (MFIs) in partnership with Qualcomm Wireless Reach, Project Concern International India (PCI), Planned Social Concern (PSC) and Microware Computing & Consulting.

The project provides 3G tablets pre-loaded with the mobile application and 3G mobile broadband connectivity to PSC staff working out of their headquarters in Jaipur, Rajasthan State, and multiple field offices. Staff use their tablets, MicroLekha application and 3G connectivity to serve and manage PSC’s 6,000 active customers by instantly accessing a customer’s loan balance and repayment history and updating loan repayments and disbursals.
Additionally, real-time updates of customer repayments also prevent potential fraud and embezzlement by loan officers. And, loan officers can expedite the loan application and approval process by registering new customers on the spot by using the tablet to scan the required documents for loan approval.

The new system also stores documents digitally, which eliminates the need for borrowers to submit paperwork each time they apply for a loan. Further, customers making loan repayments receive transaction receipts and account updates via SMS, ultimately building confidence in the lending process.

The MicroLekha application complies with India’s regulations for microfinance operations incorporates the mandated “Know Your Customer” requirements and can be customized to support different loan approval processes, loan products, terms and fees.