Aye Finance, a leading fintech lender, has announced the allocation of Rs 100 crore for its Shakti Loan program, which aims to provide credit to 10,000 women micro-enterprises. Developed in collaboration with CGAP, a global partnership of prominent development organizations, including the World Bank, UNDP, and Mastercard Foundation, the Shakti Loan is designed to address the specific challenges faced by women-led businesses and unlock their tremendous growth potential.
Since its establishment in 2014, Aye Finance has been dedicated to promoting financial inclusion and has already facilitated the inclusion of over 6.5 lakh micro businesses, disbursing more than Rs 7,000 crore to support their growth and development. With the Shakti Loan, Aye Finance aims to further empower women micro-entrepreneurs by providing them with much-needed access to affordable credit.
Niraj Kaushik, Deputy CEO of Aye Finance, expressed optimism about the potential impact of the Shakti Loan on women micro-enterprises. He stated, "We are very optimistic about Shakti Loan being the game changer for women micro-enterprises and have allocated INR 100 crore to this product in the current financial year." The tailored nature of the Shakti Loan is expected to recreate a crucial role in unlocking the evolution potential of women-led businesses and donating to the overall advancement of women's economic empowerment in India.
The collaboration with CGAP and the support from esteemed development organizations like the World Bank, UNDP, and Mastercard Foundation further underline the significance of the Shakti Loan initiative. By joining forces with these institutions, Aye Finance aims to leverage its expertise and resources to effectively address the unique challenges faced by women entrepreneurs and create an enabling environment for their success.
Xavier Faz, CGAP's Lead for Financial Services for Equality and Growth, emphasized the potential impact of the Shakti Loan in promoting women's economic empowerment. He stated, "By providing affordable credit, we hope the tailored nature of Shakti Loan will help unlock the growth potential of women micro-entrepreneurs and contribute to the advancement of women's economic empowerment in India."
The Shakti Loan program from Aye Finance is poised to make a significant difference in the lives of women micro-entrepreneurs by offering them access to affordable credit. With its focus on addressing gender-specific challenges, this initiative is a step towards creating a more inclusive and empowering business environment for women. As Aye Finance continues to expand its efforts, it is expected to have a lasting impact on the economic empowerment of women in India, paving the way for their success and growth in the business world.
