MSC collaborated with NITI Aayog and TransUnion CIBIL to explore women’s participation in India’s retail credit market and shape inclusive financial strategies. The project sought to highlight trends in credit uptake, product preferences, and the growing financial agency among women.
MSC conducted rigorous market research using credit bureau data and secondary sources to analyze borrower segments, identify systemic barriers, and map emerging credit behaviors. We complemented this with qualitative insights to understand demand-side realities and challenges faced by women-led enterprises.
The study found a 22% CAGR in women who seek credit since 2019, with 60% of borrowers from semi-urban and rural areas, and a 42% rise in women self-monitoring their credit. Insights from the study informed actionable recommendations to enhance credit access and support systems for women borrowers and entrepreneurs.
The report was commissioned by NITI Aayog and TransUnion CIBIL.
Report 1: From Borrowers to Builders—Women’s Role in India’s Financial Growth Story
Report 2: From borrowers to builders women and India’s evolving credit market
Women-owned microbusinesses (wMBs) play a pivotal role to drive economic activity, job creation, and community resilience across emerging markets. While these markets now see a rise in women’s entrepreneurial participation, wMBs often continue to face entrenched barriers, which range from restrictive gender norms and limited digital infrastructure to poor access to finance.
MSC assessed the landscape of wMBs across 17 emerging economies in Asia, Latin America, and Africa and designed a contextualised financial health framework tailored to their needs.
We conducted secondary research to identify trends, analyzed learnings from the literature review, and collected data to understand recurring themes. This included key economic, financial, and policy indicators relevant to the financial health of wMBs. We then conducted country-level findings, which were further strengthened by a committee of subject experts to ensure contextual relevance. The country-level research fed into the development of the financial health framework and design of recommendations to implement the framework with illustrative examples to improve the financial health of wMBs.
These recommendations are based on the stakeholders, such as the government, financial service providers, and enterprise support organizations. Once implemented, the framework can drive more contextualised financial products, targeted capacity-building programs, and improved risk assessment tools for wMBs. This will eventually impact the lives of wMBs across all emerging markets, which is almost 30% of microbusinesses in emerging markets.
JP Morgan Chase & Co. commissioned the project.
Nigeria’s state governments are seeking to modernize their public financial systems by adopting Digital Public Infrastructure (DPI) that can enhance transparency, efficiency, and accountability. To support this transition, the Nigeria Governors’ Forum (NGF), with MSC as the technical partner, initiated a nationwide program under the Digital Domestic Resource Mobilization (DDRM) initiative. The goal is to equip states with the tools and systems needed to improve revenue generation and expenditure management through digital transformation.
MSC conducted a diagnostic study across all 36 Nigerian states to assess the current state of their digital public infrastructure and revenue systems. We developed a comprehensive framework to measure digital maturity and used it to identify critical gaps and areas for improvement. MSC led collaborative learning workshops and webinars to engage state officials, foster peer learning, and drive adoption. Based on the diagnostic findings, we designed structured implementation roadmaps and will provide tailored technical assistance to each state depending on its digital readiness. Our support includes facilitating high-level political advocacy, enabling multi-stakeholder collaboration, and offering hands-on technical guidance throughout the DPI adoption process.
The initiative is helping Nigeria’s state governments strengthen their revenue systems and improve the efficiency of public spending. By advancing digital maturity, the program enhances financial accountability and promotes better governance. The project also expands access to more responsive and data-driven public services, laying the groundwork for long-term improvements in public financial management. Knowledge-sharing events organized by MSC will further drive adoption and build a community of practice across the country.
The Gates Foundation commissioned the project
The Indian government launched the Pradhan Mantri Gram Sadak Yojana (PMGSY) in 2000 to improve rural connectivity across India. MSC was commissioned to design smart solutions that offered better ways to improve program delivery and capacity on the ground, particularly for the project’s physical and financial management. MSC supported the National Rural Infrastructure Development Agency (NRIDA) to implement a new range of emerging IT solutions.
MSC conducted a detailed diagnostic and designed a three-component intervention to implement a smart payments framework in the scheme:
- Smart payment engine (SPE): The proposed SPE would be a module that will run if-then-else algorithms in the backend. It would use available inputs in electronic form and any other payment conditions to automate entitlement calculation and payment disbursement.
- E-measurement book (eMB): The proposed eMB would be part of the modular architecture to enable data entry at source by contractor and rules-based processing. The eMB would aid in the inspection of compliances by the Program Implementation Unit’s engineering staff and align with the needs of the online management, monitoring, and accounting system (OMMAS). It could take data inputs directly in real time from the field.
- Single project registry (SPR): The proposed SPR would be a reference data repository based on the Single Source of Truth principle. It would have a data push and pull facility to enable access to real-time information to and from other applications.
The project would create transparency across the system to bring accountability to the program’s last-mile expenditure management. It would enable key decision-makers to better observe project site data, trace fund flow, and monitor the program in real time.
The National Rural Infrastructure Development Agency (NRIDA) commissioned the project.
The Government of Odisha introduced the Mukhyamantri Karma Tatpara Abhiyan (MUKTA) program as a response to the COVID-19 pandemic to provide urban wage employment through small-scale infrastructure projects. While the program addressed immediate livelihood needs, it encountered operational issues such as prolonged wage payment delays and weak project management systems, which affected timely execution and beneficiary satisfaction.
MSC worked with the government to design and implement a smart payment and project management solution called “MUKTASoft.” The solution was piloted across 23 urban local bodies to test its effectiveness. MUKTASoft digitized administrative processes, streamlined project workflows, and introduced automation in fund release and contract tracking. MSC ensured the system was aligned with government operations while providing real-time insights into fund utilization, project progress, and payment status.
The introduction of MUKTASoft reduced wage payment delays from 120 days to under 30 days, with a long-term target of achieving disbursal within seven days. The solution also eliminated idle float by enabling Just-in-Time fund transfers and improved financial control across urban local bodies. Enhanced visibility and digital records strengthened contract management and accountability. The success of the pilot highlighted how digital tools can improve efficiency, transparency, and impact in public financial management.
The Gates Foundation commissioned the project.
The Government of India procures food grains through both centralized and decentralized models to ensure price support for farmers and maintain food security. Payments for these procurements are made to the Food Corporation of India (FCI), as the nodal agency for central procurement and state agencies. However, the current system of account submission for food grain procurement, reconciliation, and settlement is complex and inefficient, often leading to payment delays. These delays hinder fund flow predictability and affect operational efficiency across procurement agencies.
MSC was engaged by the Department of Food and Public Distribution to assess the existing settlement and reconciliation processes and identify structural and procedural bottlenecks. We proposed a re-engineered, rule-based, and real-time system to streamline claims settlement and enable Just-in-Time (JIT) fund releases for food subsidy payments. We redesigned the process with clear turnaround times, responsibilities, and escalation protocols, consolidated into a standard operating procedure (SOP). We supported in digitizing the system by integrating newly designed modules into SCAN 2.0 using a functional requirement specification (FRS) and introduced a revised method for determining Procurement Incidentals (PIs), specifically, transportation, handling, and mandi labor charges, through time and motion studies and empirical data analysis.
The proposed reforms are expected to significantly reduce delays in claims settlement, increase transparency in procurement-related payments, and improve fiscal management.
The Gates Foundation commissioned the project.
