Manappuram Finance, a leading gold loan NBFC (non-banking financial company) headquartered in Kerala, has voiced intentions of introducing a co-branded credit card in order to provide gold loans to customers who do not have a bank account. The key benefit for Manappuram Finance through introduction of these co-branded credit cards is the expected expansion on its customer base and probable acquisition of new customers. Using the card, gold loan customers would be able to withdraw their gold loan proceeds from ATMs across the country without even needing a bank account. The NBFC is currently in talks with multiple players to help launch this card as it would be an excellent boost to Manappuram’s “online gold loan” business venture.
Though best known for its gold loan, Manappuram Finance has a much larger bouquet of products and services including Forex, money transfer, deposit services, SME financing, car loans (both personal and commercial) as well as microfinance. As part of the company’s diversification strategy, the company is expected to expand its non-gold loan business segments by 20% to 25% by 2018. Additionally the NBFC is also exploring the possibility of entering into the 2-wheeler financing business in the near future.