Muthoot Fincorp, a finance company serving retail and institutional customers in India, and ACCION International, a US-based nonprofit with affiliated microfinance institutions (MFIs) in 23 countries, have joined together in an effort to increase lending in India’s microfinance sector.
ACCION International will provide entrepreneurial training for women entrepreneurs who are clients of Muthoot Fincorp in Kerala, Karnataka and Tamil Nadu, said Mrs Victoria White, vice-president of ACCION International and programme manager for India.
Mr Tomas Muthoot, Executive Director of Muthoot Fincorp said, “We see a big opportunity in the MFI sector. In November alone, we added 8,095 customers, taking our total customer base across Kerala, Karnataka and Tamil Nadu to 28,219.”
Since beginning microfinance lending in 2005, Muthoot Fincorp has lent INR 270 million (USD 6 million), and is targeting INR 500 million (USD 11 million) by the end of 2010. Financial information for Muthoot Fincorp is not available.
By Witt Gatchell, Research Associate
About ACCION International:
ACCION International is a private, US-based nonprofit organization with the mission of alleviating poverty by providing financial products, such as microenterprise loans, business training and other financial services to its clients. ACCION was founded in 1961 and issued its first microloan in 1973 in Brazil. ACCION’s partner microfinance institutions provide loans to men and women entrepreneurs in 23 countries in Latin America, Asia, Africa and the United States. As of 2009, ACCION’s network serves 3.3 million active clients and has a gross loan portfolio of USD 31.8 billion.
Sources and Additional Resources:
[1] The Economic Times: “Muthoot ties up with Accion of US to boost lending in micro-fin sector” By Joe Scaria, http://economictimes.indiatimes.com/news/news-by-industry/banking/financ…
MicroCapital Universe: ACCION International
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=ACC…
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