Over 97% soft collections on loans to micro-entrepreneurs
Our Cofounder, Abhishek Sinha was invited to as a panelist for Bharat Inclusion Summit on March 3, 2023 in Bangalore to share his thoughts on
Micro-merchants: Bridging the Working Capital Gap along with :
Mr Vijay Mahajan, Secretary & CEO, Rajiv Gandhi Foundation
Treasa Mathew , Director, Omidyar Network India??
Shailesh Dixit ,Co-Founder, Gromor Finance?
Sandeep Koujalgi , Senior VP - Programs, CIIE.co
Eko has demonstrated a 97% soft collection rate for 90 day loans. Further, we have a 99.93% collection rate for 1-day/ 2-day and 4-day products.
“Being a panelist with Mr. Mahajan was a humbling experience. He’s been a guru for all of us” shared Abhishek.?
Eko’s journey to extend credit to micro-entrepreneurs started in 2014/ 15. Like all initiatives, this one had failures to begin with.?
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Since credit extended to users like us have EMIs, Eko extended credit to micro-entrepreneurs with monthly repayments, EMIs. We were quick to learn that collection cycles had to get aligned to the earning cycle of the micro-entrepreneurs.?
Today, Eko extends 1-day, 2-day, 4-day, 60-day, 90-day & 180-day credit products to micro-entrepreneurs which are configured for bullet payments for less than 7-day products, and large tenure credit products have EDIs, equated daily instalments.?
Through these last 7/ 8 years, Eko has disbursed over INR 3500 crore to its micro-entrepreneurs and is very proud to be a part of their journey to build their business with Eko.?
Finally, Abhishek shared Eko works with micro entrepreneurs on pre-funded models thus creating strong collection solutions across cash and electronic methods. On the foundation of this embedded collections platform, Eko drives a network of over 400k micro-entrepreneurs. This platform helps us drive repayment of various kinds of loans both when the loan is disbursed by Eko and also when it is done by a third party.
The whole video can bee seen at?
We thank our friends at IIMA Ventures for giving us the opportunity to participate at the Bharat Inclusion Initiative and for bringing this important topic for discussion and our co-panelist for insightful discussion.