MFIN’s vision of promoting inclusive growth drives our advocacy efforts. Our response to financial exclusion requires us to work for policy change and challenge those which inhibit inclusion. Effective advocacy both immediate issues and the root causes—whether with governments, regulators, institutions, the general public, or all of these. An essential element of advocacy is building a relationship with those whose needs are underrepresented and bringing their interests to the attention of governments, regulators, bankers, investors, businesses, or the general public in ways that address them effectively.
Historically MFIN was conceived and structured as a Self Regulatory Organisation (SRO) for the microfinance industry and was instituted as a Society under the Registrar of Societies (AP Societies Registration Act 2001). The primary objective of setting up MFIN was to establish industry standards for responsible lending and client protection. It promotes robust systems and processes within the NBFC-MFI sector to contribute substantially to the financial inclusion agenda of the government.
Advocacy & Development
MFIN continued its engagement with key stakeholders of the microfinance industry, specifically with the Reserve Bank of India (RBI), Ministry of Finance (MoF), MUDRA/SIDBI, UIDAI and the Ministry of Urban Development.The focus of the dialogue with these entities has been to improve the policy and business environment for the microfinance industry in the country, so that it can contribute concretely to the national agenda on financial inclusion.
Communication and Marketing
MFIN’s communication and marketing strategy has focused primarily on building a positive perspective around the sector by engaging proactively with external stakeholders. This has included visioning and positioning efforts with relevant stakeholders and establishing MFIN as a knowledge center.MFIN has systematically over the past one year engaged with the media at the national, state and district level to build a positive and informed perception about the industry. In this context, MFIN organized a series of state and district level meetings including in Mumbai, Maharashtra; Bhopal, Madhya Pradesh; Lucknow, Uttar Pradesh; Patna, Bihar and in Rudrapur in Uttaranchal.
The MFIN State Initiative team has its presence in all the states either through state coordination committees that have been set up with MFIN members or through affiliated state associations. Presently, MFIN State Initiative covers 25 states through 13 state chapters and 411 district forums. State Initiative engages with three state associations that are affiliated to MFIN to cover two more states in the southern region and one in the northern region.