Members’ Profile
MFIN Members comprise the Non-Banking Financial Institutions falling under the category of Microfinance Institutions, hence referred to as NBFC-MFIs. While each NBFC-MFI is a unique entrepreneurial venture, collectively they form a highly regulated sector providing micro-credit to 99% women from low income households predominantly in the rural India. They stand together in the pursuit of common goals of responsible lending and customer protection. Though in different phases of their lifecycle as small, medium or large MFIs, collectively they reach 3.8 crore women of India, bringing a large unserved population within the folds of financial inclusion.
Operating across the length and breadth of the country, MFIN member institutions have an outreach in 28 States and 8 UTs. MFIN has 55 primary members as on August 2023.
MFIN Members’ Operation Overview 2023
₹ 1,26,053 Cr
AUM
₹ 68.9 Lakhs
Loan Disbursed (during the quarter)
4.6 Cr
Loan Accounts
17,706
Branches
1,56,093
Employees
(30 June 2023)
Services Offered
Microcredit
Third-party Financial Products
Insurance
Financial Literacy
Methodology
NBFC-MFIs generally follow the joint liability group (JLG) model of microfinance which is provision of loans to a group of five to seven women from the economically weaker sections of society, living in rural, semi-urban or urban slums. The Model has proved to be viable and sustainable for the institutions as well as the borrowers.
Highly customer centric, the NBFC-MFIs have established simple and efficient processes, transparent pricing structures and diversified loan products for the customers, the most common being income generating loans. As they branch out to more states and districts, each MFI strives to ensure that its branches are conveniently located and easily accessible for customers. The trained field staff drives the objectives of the organization on the ground, ensuring a constant engagement with the customer and providing the much-needed comfort to them.
Membership Advantages
Membership to MFIN allows an NBFC-MFI the opportunity to shape and influence the discourse and practice of microfinance and financial inclusion in solidarity with industry players.
contact@mfinindia.org
+91-124-4576800