One MobiKwik Systems Receives RBI Nod for NBFC Operations

License Issued: November 05, 2026
Operational Timeline: 3-6 Months

Reader Takeaway: The NBFC license enables direct participation in credit markets using an asset-light model, enhancing long-term lending margins.

What just happened

One MobiKwik Systems Limited has received a Certificate of Registration (CoR) from the Reserve Bank of India (RBI). This approval permits the company to function as a Non-Banking Financial Company (NBFC) through its wholly-owned subsidiary, MobiKwik Financial Services Private Limited (MFSPL). The license is perpetual and carries no expiry date.

Why this matters

This regulatory milestone transitions MobiKwik from a purely digital payment and credit facilitator to a direct participant in the lending ecosystem. By securing this license, the company gains the infrastructure needed to control product development and execution more effectively. The shift toward an asset-light co-lending model allows the firm to distribute credit alongside banks and other NBFCs without the heavy balance-sheet risk typically associated with traditional direct lending.

What changes now

The company has announced plans to operationalize this model within the next three to six months. By leveraging this infrastructure, management expects improved lending economics and faster go-to-market capabilities. The asset-light approach allows the group to scale its credit portfolio by using partner capital, thereby maintaining flexibility while building its own lending book.

What to track next

Investors should closely watch the rollout of the co-lending partnerships over the coming two quarters. Key metrics to monitor include the volume of credit disbursed under the new model, the impact on overall take rates, and the company’s ability to manage asset quality as it transitions into a more direct lending role.