Vaya trains customers in financial literacy and uses pioneering technology.
Putting The Customer First

Because of the vulnerability of the poor, it is critical to treat them with dignity. As such, Vaya has a heightened focus on the seven principles of customer protection: fair and respectful treatment, transparency, designing suitable products, preventing over-indebtedness, privacy, and having a mechanism for complaint resolution.

Since Vaya customers are not familiar with conventional banking, Vaya trains them. Vaya uses innovative participatory aids such as seeds, coins and cardboard cut-outs to explain loan terms, interest rates, joint liability and other features. Such training not only imparts awareness but also serves to bolster trust and strengthen the credit culture.

Vaya's field staff invest significant time to develop good relationships with customers and build trust. They are always readily available to answer a query or address a problem. There are extensive checks and balances in place to ensure fair and respectful treatment of customers. Field staff undergo thorough and ongoing training and evaluation.

Pioneering Digital Finance

Vaya was the first company to use tablet banking in rural India, which it launched when it was founded in 2014. The Wall Street Journal profiled Vaya for this pioneering deployment of technology. Since then, Vaya has added other state-of-the-art technology, from QR readers to iris-scan biometric authentication.

Vaya has a powerful Core Banking System integrated with a tablet-based Loan Management System and digital Unique Identification Card (Aadhaar) readers. What makes Vaya’s technology unique, however, is that it is designed for rural field staff. They are not forced to adapt to technology; Vaya has adapted technology to them. Ruggedness, battery life, brightness, vernacular fonts, the Graphic User Interface, the font shape and size—these are the features Vaya has kept in mind, the type of things that banks typically may not think about. In so doing, Vaya’s technology makes conducting transactions easier for staff and therefore convenient for customers. 

As a result of its technology initiatives, when demonetization (the elimination of large currency notes) happened in late 2016, Vaya was prepared. 

Today, Vaya uses tablets in three stages: sourcing, disbursement, and collection of loans. At the sourcing stage, staff scan required documents and take photos of customers. Then they use barcodes from the prospective clients’ Aadhar cards to pre-populate data in forms. Field staff then enter remaining data including details about assets and annual income. 

Field staff then check the Credit Bureau. Loans which are approved by the Credit Bureau are highlighted on tablets. The customer is notified, the sanction amount from the Credit Bureau checked, and staff member disburses the loan. Software automatically notifies field staff when the collection date arrives. Once field staff collect repayments, they enter the collection amounts. When they connect their tablets to the internet at their branches, the data is seamlessly uploaded to the server.

How it works...

Village Projection Meeting

Field staff introduce Vaya at a public meeting

Group Training

Customers form groups, 
get trained, join a center

Center Meeting

Center approves loans for income-generation and promises to provide support

Center Support

Customer invests in small business, earns income, repays loan

Successful Enterprise

Loan is repaid, profit has been earned, and customer can take larger loan