Dailymirror.news,March 7th, 2025: Muthoot Microfin (NSE: MUTHOOTMF | BSE: 544055), a leading microfinance institution, has obtained approval to conduct Aadhaar-enabled e-KYC, marking a significant step towards fully digital customer onboarding.

This initiative will enable a seamless, paperless experience for rural women entrepreneurs, Joint-Lending Groups (JLGs), and underserved communities across India.

With this e-KYC license, Muthoot Microfin is set to launch a faster, more secure onboarding process using Aadhaar-based authentication, biometric verification, and OTP validation.

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By ensuring precise customer identification, the initiative will help mitigate financial risks and prevent overleveraging in the microfinance sector, strengthening borrower assessment and compliance.

This move is particularly impactful for rural communities, addressing key challenges such as limited financial access, cumbersome onboarding procedures, and identity verification hurdles.

As part of the rollout, Muthoot Microfin will introduce financial literacy programs in regional languages, empowering customers to navigate digital financial services confidently.

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The nationwide implementation of e-KYC will span all operational states, ensuring inclusive access to financial products like microloans and insurance, fostering economic self-sufficiency.

Commenting on the milestone, Mr. Sadaf Sayeed, CEO of Muthoot Microfin, said, “Securing the e-KYC license is a transformative step in our mission to make financial services more accessible, secure, and efficient for rural communities.

By leveraging digital innovations, we aim to eliminate traditional barriers, ensuring even the remotest regions benefit from a streamlined and secure financial journey.”

As the financial landscape evolves, Muthoot Microfin continues to embrace technology-driven solutions to enhance customer experience and operational efficiency. As of December 31, 2024, the company operates in 20 states, covering 379 districts with 1,651 branches nationwide.