CreditAccess Grameen, a leading non-banking financial company (NBFC)-Microfinance Institution (MFI), has secured INR 393 crore in financing to empower women entrepreneurs. The funding, including INR 223 crore from the German Investment Corporation (DEG) and INR 170 crore from Citi, aims to strengthen CreditAccess Grameen's funding profile and offer affordable financial services to women entrepreneurs, particularly in rural areas.
The co-financing arrangement aims to enhance CreditAccess Grameen's funding profile and will support income-generating activities, home improvements, two-wheeler purchases, gold-backed loans, and emergency credit. CFO of CreditAccess Grameen, Nilesh Dalvi, shares, "This strategic move positions us to navigate macroeconomic cycles, ensuring sustainable growth in the coming years." He emphasized the strategic move to increase foreign borrowings, enhance liquidity, enhance Asset-Liability Management, and diversify geographical risk.
CreditAccess Grameen was established as an NGO project in 1999 by Vinatha Reddy and Suresh Krishna in Bengaluru and later transitioned into an NBFC in 2007-2008. It offers micro-loans for women borrowers, supporting income-generating activities in rural areas. With 2,031 branches it operates in 398 districts across 16 states and 1 UT. It also aligns with Citi's Social Finance goal to provide economic opportunities.
