BNP Paribas, a bank based in France, recently informed MicroCapital that it has disbursed a two-year loan of INR 700 million (USD 9.4 million) to CreditAccess Grameen, the Indian member of CreditAccess Asia, which operates microfinance institutions (MFIs) in India, Indonesia and the Philippines. CreditAccess Grameen, formerly known as Grameen Koota, offers group microenterprise loans of USD 1,150; individual small business loans of up to USD 7,100; and smaller loans for purposes such as water connections, sanitation, education and emergencies. The MFI also offers pensions; insurance; and training for adults and children on topics such as sexual health, financial literacy and business skills.
CreditAccess Grameen serves 2.5 million customers via 670 branches in nine states and union territories in India. Of these customers, 81 percent live in rural areas. The firm went public in 2018. Its parent organization, CreditAccess Asia, serves a total of 3 million people via 1,200 branches.
BNP Paribas, which was formed when Banque Nationale de Paris (BNP) acquired a majority stake in Paribas in 1999, operates in 72 countries. During 2019, BNP Paribas brought in net income of EUR 8.6 billion (USD 9.6 billion) on total assets of EUR 2.2 trillion (USD 2.5 trillion). As of August 2019, it has EUR 220 million (USD 246 million) invested in microfinance institutions, largely in India but also in 16 other low- and high-income countries. During its 30 years of lending to microfinance institutions, BNP Paribas has issued debt totaling EUR 900 million (USD 990 million) reaching 1.8 million women and 200,000 men.
Sources and Additional Resources
Information provided directly from BNP Paribas to MicroCapital
CreditAccess Grameen homepage
https://www.creditaccessgrameen.com/
CreditAccess Asia homepage
https://creditaccess.com/
CreditAccess Asia financials
https://creditaccess.com/resource-center/#resource-publications
BNP Paribas financials
https://invest.bnpparibas.com/en/consolidated-financial-statements
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