NBFC-AA: Total number of consents processed by NBFC-AA crosses 100 million: Sahamati

The total number of consents secured through the NBFC-Account Aggregator framework has crossed the 100 million mark, DigiSahamati Foundation (Sahamati), the market-led industry alliance for the account aggregator (AA) ecosystem said in a statement today.

The body said that around 80 to 90 million Indians are using the AA service currently.

The AA ecosystem is expected to achieve a penetration of 25 to 30% by the end of the current fiscal, according to Sahamati’s market estimates.

“The metrics of growth on all aspects have been encouraging. The use cases have been expanding with FIUs (Financial Information Users) using AA for streamlined tasks like customer onboarding to specialised tasks like controlling frauds,” said BG Mahesh, chief executive officer, Sahamati.

Consent requests jumped to 63.7 million in FY24 from 5.5 million a year prior.

The usage has expanded from the basic use case of underwriting loans to personal finance management, portfolio management, assessing early warning signals and monitoring of loan accounts, loan collections, issuance of insurance policies, opening of demat accounts and investment advisory.