Muthoot Microfin expects 50% of its collections to come digitally by Sept

The third largest microfinance lender Muthoot Microfin expects 50 per cent of its collections to come digitally by September, up from 34 per cent now. The Kerala-based lender from the Muthoot Pappachen Group, collected as much as Rs 1,000 crore or 34 per cent of its entire collection digitally as of March, which was only Rs 168.30 crore in the previous fiscal. Its monthly collections average at Rs 550 crore now. "For the first time our digital repayments have crossed Rs 1,000 crore in FY22 -- Rs 1,088 crore to be precise, which is 34 per cent of our total collections -- which is a growth of 547 per cent on-year. Already our loan disbursals are only done digitally. And we want to take this to at least 50 per cent by September this year, chief executive Sadaf Sayeed told PTI over phone. The microlender expects to disburse 25-30 per cent more loans this fiscal, taking its assets to around Rs 12,000 crore, on the back of a 47 per cent growth in the just-concluded fiscal. The company ..

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