SVATANTRA MICROFIN ENABLES END-TO-END CASHLESS SOLUTIONS FOR INDIA’S RURAL CUSTOMERS
• MFI pioneering 100% cashless disbursal and launches ‘Saathi’ – end-to-end mobility solution
• In a first ever, Svatantra is the only MFI providing low-cost mediclaim facilities till date, inducted 9000+ people in India’s rural areas
• Loan book has grown 220% year-on-year since its launch in 2014 and is presently at INR 260 crores
• Number of branches crossed 83 in FY17, having served about 3,00,000 rural women since commencement
• Disbursed loans worth INR 450 crores till date in less than four years of operations
Mumbai: Svatantra Microfin Pvt. Ltd., the new-age microfinance institution dedicated towards financial inclusion of rural women, launches their end-to-end mobility solution ‘Saathi’.
Svatantra is touching a new milestone of adopting 100% end-to-end mobility for an entire spectrum of operations in areas such as loan originating system, loan management system, and collections. Svatantra, in partnership with third-party service providers has created a unique and extremely affordable (less than INR 20 per INR 1,000 of cover) cashless mediclaim product for a maximum of 5 family members, including parents.
Commenting on the initiative Ms. Ananya Birla, Founder and Chairman of Svatantra Microfinance and Co-Chairman of ASSOCHAM Microfinance, said “We have been successful in adapting 100% cashless disbursement from the beginning of our operations. We believe in the power of transformation and technology disruption, and end-to-end digitisation is one of the examples of Svatantra’s strong stance towards financial inclusion at the heart of India’s rural areas.”
Quoting on the performance of the company Ms. Ananya Birla added, “We aim at building differentiation at all layers. Svatantra loan book has grown at a CAGR of 220% and has achieved break-even while providing loan at low interest rates since inception. I believe in egalitarian growth substantiated by profitability and sustainability, and actions that have immense scope to deepen our outreach further. Therefore, we are open to diversification through organic or inorganic routes into other financial services sectors such as SME finance and affordable housing serving the needs of the bottom of the pyramid.”
Svatantra is one of the leading microfinance organisations in the mid-size space, and since its inception has disbursed loans of more than INR 450 crores with a current portfolio of INR 260 crores. Offering the lowest cost credit in parity to its peers, the company has achieved break-even in FY17, has doubled its gross loan portfolio and network over the last one year. With an 800 member strong workforce, Svatantra has 83 branches serving 11,000 villages in 5 states of India, and ensures that its customers transact through formal banking channels.
Svatantra, headquartered in Mumbai, is the fastest growing medium category MFI with an 800-member strong workforce having served about 3,00,000 rural women since inception. The MFI has a growing network of 83 branches serving 11,000 villages across 5 states. The mobility solution aims to further enable the company to have access to a wide range of clients and reach areas where traditional banking network is absent. Since the beginning of operations in 2013, Svatantra held a strong focus on financial empowerment and inclusion of rural women.
Svatantra in collaboration with NPCI (National Payment Corporation of India) and RBL Bank has been a pioneer in adopting APBS (Aadhaar Payment Bridge system) for disbursements of loans. Under the leadership of Ms. Ananya Birla, the company has always been on the path of differentiation as a new-age MFI. The crux of this is based on three pillars – first, of being extremely customer centric with processes such as 100% cashless disbursement and low-cost credit. Second, customer centric technology that allows company to provide products in lowest TAT to its customers, with enhanced operational efficiency and real-time data analysis. And third, an elaborate customer centric employee training and development program for a cognizant and agile workforce. With a central aim of financial inclusion, Svatantra is the only MFI with 100% cashless disbursements facilitating bank accounts openings for its clients. Covering the entire spectrum from loan origination through management and collections, Svatantra launches SAATHI – a 100% end-to-end mobility solutions to digitise organisation’s entire operations.
For more information about the company please visit http://www.svatantramicrofin.com