The World Bank Group’s International Finance Corporation (IFC) recently moved to lend as much as USD 50 million in the form of a three-year senior loan to CreditAccess Grameen, a unit of CreditAccess India. The objective of the loan is to boost enterprise lending to women who live in areas that are rural, low-income or both.
CreditAccess Grameen offers group microenterprise loans; individual small business loans; and individual loans for purposes such as water connections, sanitation, education and emergencies. The microlender also offers pensions; insurance; and training for adults and children on topics such as sexual health, financial literacy and business skills. CreditAccess Grameen, which went public in 2018, serves approximately 3.8 million customers through 1,635 branches in 14 states and has a loan portfolio of USD 2.2 billion. During the quarter ending March 2022 it took in profits of INR 1.6 billion (USD 20 million).
CreditAccess India’s primary operating subsidiaries are CreditAccess Grameen and Madura Microfinance. During the financial year ending March 2020, the former CreditAccess Asia took the name CreditAccess India and spun off its operations in Indonesia, the Philippines, Thailand and Vietnam into Credit Access SEA (Southeast Asia).
Founded in 1956, IFC offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in low- and middle-income countries. During the 12 months ending June 2021, the organization disbursed investments totaling USD 31 billion, of which about one third was mobilized from partner institutions.
By Hasnat Aslam, Research Associate
Sources and Additional Resources
CreditAccess Grameen homepage
https://www.creditaccessgrameen.in
CreditAccess Asia annual report 2021
https://www.creditaccess.com/wp-content/uploads/2022/03/CAINV-Annual-report-FY20-21-final.pdf
CreditAccess Asia annual report 2020
https://www.creditaccess.com/wp-content/uploads/2021/02/CAINV-Annual-report-FY1920.pdf
IFC homepage
https://www.ifc.org
Previous MicroCapital story on IFC
https://www.microcapital.org/microcapital-brief-microvest-loans-9m-to-acleda-bank-via-ifc-syndication-to-support-smes-in-cambodia-with-focus-on-women-entrepreneurs/
Previous MicroCapital story on CreditAccess Grameen
https://www.microcapital.org/microcapital-brief-bnp-paribas-loans-9-4m-to-creditaccess-grameen-of-india-for-microfinance/
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