Sahamati, in collaboration with McKinsey & Company as its knowledge partner, unveiled a report on the impact of Open Finance on MSMEs during SamvAAd 2024–the annual flagship event of the Account Aggregator (AA) ecosystem, held on November 19, 2024. The Open Finance: From inclusion to empowerment of MSMEs report was released by Shri Nandan Nilekani, Non-Executive Chairman of Infosys and Founding Chairman of UIDAI (Aadhaar).
The report highlights the transformative potential of the AA ecosystem in addressing the persistent credit challenges faced by MSMEs, which form the backbone of India’s economy. It identifies over 15 potential use cases through which the ecosystem can enhance the operational efficiency of financial service delivery and foster product innovation. By enabling tailored financial solutions across lending, business finance management, and beyond, the AA framework can help MSMEs unlock new growth opportunities, reduce the credit gap, and increase their formalization.
The report further emphasizes that these advancements could accelerate the formalization of MSMEs in India, driving significant economic growth and development. The report spotlights its critical role in shaping a resilient and dynamic financial ecosystem for India’s MSMEs by positioning open finance as a catalyst for innovation and inclusion.