MobiKwik secures central bank approval for NBFC licence in India

08:30

India’s fintech sector continues to expand as MobiKwik has received approval from the Reserve Bank of India to operate as a non-banking financial company (NBFC). The announcement, made by its parent firm One MobiKwik Systems, marks a significant milestone in the company’s evolution from a digital payments platform to a broader financial services provider.

The NBFC licence allows MobiKwik to offer a wider range of financial products, including lending services, without operating as a traditional bank. This regulatory green light is expected to strengthen the company’s position in India’s competitive fintech landscape, where firms are increasingly diversifying their services to meet growing consumer demand.

Industry analysts see the move as part of a broader trend in which digital payment companies are expanding into credit and financial services. With millions of users already relying on its platform for mobile wallets and payments, MobiKwik is well-positioned to leverage its customer base to scale its lending operations.

The Reserve Bank of India has been closely monitoring fintech growth, ensuring that new entrants comply with financial regulations while fostering innovation. By granting this licence, the central bank signals confidence in MobiKwik’s operational and regulatory readiness.

As India’s digital economy continues to grow, such developments highlight the increasing convergence between technology and finance, paving the way for more accessible financial services across the country.