MobiKwik Group Secures RBI NBFC License Approval for Financial Services Expansion
MobiKwik Group has received RBI approval for its NBFC license, enabling the launch of MobiKwik Financial Services Private Limited (MFSPL). This expansion aims to deepen credit offerings, introduce new products for consumers and MSMEs, and enhance financial inclusion. The approval was reportedly received in under four months.
Obtaining an NBFC license is a major strategic move that will significantly expand the company's operational capabilities, revenue streams, and market reach in the lending sector.
The approval of the NBFC license by the RBI is a significant positive development, enabling the company to expand its financial services offerings and strengthen its position in the fintech market.
One MobiKwik Systems Ltd. announced that the Group has received approval from the Reserve Bank of India (RBI) for its Non-Banking Financial Company (NBFC) license application. This significant milestone will enable the launch of a new lending division, MobiKwik Financial Services Private Limited (MFSPL), a wholly-owned subsidiary.
The NBFC license is expected to enhance MobiKwik's regulated lending capabilities, facilitate the design of innovative credit products, and serve a broader consumer and merchant base more efficiently. This aligns with the Group's strategy to build a comprehensive fintech platform offering accessible and responsible financial products.
MFSPL will leverage MobiKwik's existing strengths, including its 186 million+ customer base, established brand, robust tech infrastructure, and strong risk underwriting and collection capabilities. The new entity aims to launch credit products, both secured and unsecured, for consumers and MSMEs in underserved geographies with a faster go-to-market strategy. Operations will commence upon receiving the Certificate of Registration (COR) from the RBI after fulfilling certain conditions.
Upasana Taku, Executive Director, Co-founder & CFO, stated that the approval, received in under four months, is an endorsement of the Group's credibility and the RBI's faith in them. The NBFC framework will provide the regulatory structure to deepen credit offerings while maintaining strong governance and risk discipline, supporting MobiKwik's mission to serve the credit needs of India and promote financial inclusion.
The NBFC will utilize MobiKwik's technology, AI-ML models, and large user base to deliver personalized financial products, with a core focus on Tier 2 and Tier 3 cities, while offering services nationwide to improve access to credit in underpenetrated regions.
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