Case Studies

Customer: The Royal Monetary Authority, Bhutan

The Royal Monetary Authority of Bhutan is the Central Bank of Bhutan and is a member of the Asian Clearing Union. It is also the minting authority for the Bhutanese Ngultrum.

While discussing with the Governor, Dasho Penjor and IT Director Mr. Sherab Jamtsho of RMA, Bhutan, Maximus identified the necessity for Microfinance solution for Bhutan as the then micro lending process was not streamlined and was not controlled by RMA. Incidentally, RMA was also looking for potential solution providers who will promote and enhance financial inclusion projects that would contribute to the country’s economy.

RMA identified gaps in procedure for providing loan and also collection of savings of the under-served communities in Bhutan. There was not a good system to regulate and provide small loans to small and marginal borrowers. An easy and smooth transaction flow of micro finance across the country was the need of the hour. RMA wanted to launch a centralized system of micro lending, the way India had launched a few years ago. As a regulatory body, RMA wanted to create a platform where the Micro Finance Institutions and borrowers are connected and the policies and procedures are standardised across Bhutan.

Thus was born Maximus MicroViththa with RMA, Bhutan being our first client, though a similar service was being provided to many Service Coop Banks in Kerala. In Kerala, our Micro ATMs were used by the SCBs, to give and collect small loans. Now with RMA as our client, we developed this small product in to a full-fledged micro finance solution which can handle any number of Financial Institutions right from on-boarding them to the Central authority, to opening of savings and borrowing accounts, real-time collection of the amount etc. Maximus will be providing similar solution to countries in Africa, Bangladesh and South East Asia, where micro finance solutions are needed