Sonata Finance implements Nelito Systems’ FinCraft™ Core Microfinance Solution

Introduction

SONATA Finance (P) Ltd is a micro-finance company registered as a Non-Banking Finance Company (NBFC) under Reserve Bank of India Section 45 IA with a mission to identify and cost-effectively motivate poor women and deliver them microfinance services in an honest, timely, and efficient manner. Sonata majorly provides the loan to Joint Liability Groups (JLG) & Individual Loans (IL).

Their vision is to help build a society with an opportunity to develop the minimal socio-economic conditions needed to live a life of dignity. And its mission is to, “identify and cost-effectively motivate poor women and deliver them microfinance services in an honest, timely and efficient manner.”

Sonata Finance Microfinance Institution approached Nelito to build a unified Core Microfinance solution. They required a scalable solution that could support complex and expanding operations of the Organization with appropriate technology and also wanted an automated AADHAAR-based Customer On-Boarding. Their Legacy system did not cover many required functionalities like central portfolio mgt. Financial accounting, statutory reporting, fund management, NPA management, Asset Liability Management, etc., were heavily required. They also wanted a Mobility based solution for the field force. Nelito had to implement standard banking practices internally like real-time GL updating, EOD/SOD process, and calendar management. Also required integrated modules for Self Help Groups (SHG) and Joint Liability Groups (JLG) and were to be Regulatory Compliance. Sonata aimed to achieve improved functionality to accomplish the vision & mission of the organization.

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