MobiKwik gets RBI NBFC licence, targets Rs 5,000 crore in loans
By Arjun MehtaSenior Business Editor, Peepals Business
Representative image: StockSnap / Pixabay
MobiKwik's lending arm received an RBI NBFC licence on 5 November 2026; it plans co-lending within six months and Rs 5,000 crore of loans in three to four years.
What Happened
Fintech company MobiKwik's lending subsidiary has received its Certificate of Registration from the Reserve Bank of India (RBI) to operate as a non-banking financial company (NBFC). The certificate for MobiKwik Financial Services Private Limited (MFSPL), a wholly owned subsidiary of One MobiKwik Systems, was issued on Thursday, 5 November 2026, and the company announced it on Friday, 6 November. It follows the RBI's in-principle approval in April 2026. MobiKwik said it plans to start lending through the NBFC within three to six months, working with banks and other lenders, and targets Rs 5,000 crore of loan disbursals over the next three to four years.
Key Facts
- Licence: RBI Certificate of Registration as an NBFC, issued on 5 November 2026 to MobiKwik Financial Services Private Limited (MFSPL).
- Parent: One MobiKwik Systems, the listed company behind the MobiKwik payments app.
- Earlier step: in-principle approval from the RBI in April 2026.
- Start of operations: within the next three to six months, according to the company.
- Model: asset-light co-lending with banks and other NBFCs, meaning loans are shared with partners rather than funded mainly from MobiKwik's own balance sheet.
- Target: Rs 5,000 crore of loan disbursals over three to four years; initially about 10% of its digital lending disbursals could go through the NBFC.
- Separate approvals: subsidiary Zaakpay already holds RBI approval as an online payment aggregator; an in-principle approval for a physical payment aggregator licence is pending final grant.
- Share move: MobiKwik's shares closed higher after the announcement, according to market reports.
Why It Matters
An NBFC licence lets a company lend in its own name, rather than only arranging loans for other lenders. For MobiKwik, the plan is to share loans with banks and other NBFCs under co-lending, which keeps its own capital needs lower while giving it a direct role in lending. Starting with about 10% of its digital lending through the new arm suggests a gradual shift.
The licence comes after MobiKwik reported a record second-quarter profit of Rs 11.83 crore, helped by a 42% rise in lending revenue. Owning a lending licence could support that trend, but it also brings more responsibility. As a registered NBFC, the subsidiary will be regulated and supervised by the RBI, including on capital and lending practices.
For borrowers, the change may not be visible at first: loans will still appear in the MobiKwik app. What changes is who bears the risk and who sets the terms, and borrowers will deal with a regulated lender in the MobiKwik group.
The start of lending is still months away, and the Rs 5,000 crore target is the company's own goal over several years, not a forecast that it will be met.
Peepals calculation: Spread over three to four years, Rs 5,000 crore of disbursals works out to about Rs 1,250 crore to Rs 1,667 crore a year (5,000 / 4 = 1,250; 5,000 / 3 ≈ 1,667). From the in-principle approval in April 2026 to the certificate on 5 November 2026 took about seven months. Our calculation from the reported figures.
| Step | Date |
|---|---|
| In-principle NBFC approval from RBI | April 2026 |
| Certificate of Registration issued | Thursday, 5 November 2026 |
| Announcement by MobiKwik | Friday, 6 November 2026 |
| Planned start of NBFC lending | Within three to six months |
Impact
Short-term: MobiKwik will set up partnerships with banks and NBFCs and build its lending systems before it starts disbursing loans.
Long-term: If the NBFC grows as planned, lending could become a larger and more profitable part of MobiKwik's business, alongside payments.
Who is affected: MobiKwik's users seeking small loans, its shareholders, partner banks and NBFCs, and rival fintech companies with or seeking their own lending licences.
What to watch next: the start of lending operations, which the company expects within three to six months, and the final grant of the physical payment aggregator licence.
Key Takeaway
MobiKwik's subsidiary received an RBI NBFC licence on 5 November 2026 and plans to start co-lending within three to six months, targeting Rs 5,000 crore in disbursals over three to four years.
Questions and Answers
Did MobiKwik get an NBFC licence?
Yes. The RBI issued a Certificate of Registration on 5 November 2026 to MobiKwik Financial Services Private Limited, a wholly owned subsidiary of One MobiKwik Systems, allowing it to operate as an NBFC.
When will MobiKwik start lending through its NBFC?
The company says it plans to start NBFC operations within the next three to six months, using a co-lending model with banks and other NBFCs.
How much does MobiKwik plan to lend?
MobiKwik targets Rs 5,000 crore of loan disbursals over the next three to four years, with about 10% of its digital lending disbursals initially routed through the NBFC.
What is co-lending?
Co-lending means a loan is funded jointly by two lenders, such as an NBFC and a bank, which share the money lent and the risk according to an agreed ratio.
Disclaimer: Prepared by the Peepals newsroom from publicly available sources with AI assistance. Information is accurate to the best of our knowledge at the time of publication and may change. Images may be representative. Not professional advice. Report an error via our contact page.
By Arjun Mehta, Senior Business EditorCovers Start-ups & Opportunities and more for Peepals Business. All stories by Arjun Mehta
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Arjun Mehta is a pen name of the Peepals Global Editorial Team, which researches, fact-checks and publishes every story. The portrait is an illustration.
