India looks lucrative for consumer lending startups. It is the most densely populated country in the world (more than 1.4 billion people) with still very low financial services penetration, e.g. unsecured loans account for only 5% of GDP. In India, it is possible to start lending without obtaining a banking licence, all you need is to get a non-banking finance company licence. The number of NBFC lenders is much larger than that of banks, viz. about 10,000 vs. 100 traditional banks. Mobile applications and remote channels of interaction with the client are not that well developed in traditional banks, so…
Author: George Donchenko, Country Manager at Viva Money
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