Vivek Tiwari: Empowering the marginalised through scaled-up microfinance ops
Delhi-based RBI registered NBFC-MFI, Satya MicroCapital Limited has brought significant improvement in the lives of the marginalised sections through micro loans for low-income entrepreneurs under the astute leadership of Mr. Vivek Tiwari, MD, CEO and CIO, Satya MicroCapital.
An institution built with a vision of change and transformation, Satya MicroCapital has emerged as a differentiator in the financial inclusion space. As one of the fastest growing Microfinance Institutions in the country, Satya MicroCapital, which launched its microfinance operations in January 2017, has in a short span of just four years established more than 185 branches in more than 150 districts across 22 states and union territories encompassing over 18,000 villages.
At the helm of Satya MicroCapital, Mr. Vivek Tiwari is instrumental in scaling up microfinance programs in some of the most economically underdeveloped regions of India. He says, “The microfinance sector plays a crucial role in promoting inclusive and sustainable growth by providing credit access to the borrowers at the bottom of the pyramid. It is through Satya MicroCapital, we are contributing immensely in financial inclusion of a large number of people across both rural and semi-urban areas of the country. Our focus shall always remain intact at the holistic development of the marginalised and the 'forgotten/neglected' sections of the society.”
Satya MicroCapital comprises people having significant experience of driving the expansion of microfinance programs. Supported by investors and partners with a remarkable track record, Satya MicroCapital has successfully ramped up its operations from Jammu to Assam in the country. Satya MicroCapital has already settled its strong base in Eastern and Western UP, Bihar Punjab, Madhya Pradesh, Haryana, Rajasthan while it has already started its penetration in Himachal Pradesh with simultaneously strengthening its footprints in Tripura. It’s also expanding its wings across South India in Tamil Nadu, Karnataka and Pondicherry. Significantly, Satya MicroCapital has started 100 per cent disbursement directly in the bank account of the customers.
The micro-loans at Satya MicroCapital are mainly targeted to rural areas where the people take loan for purchasing of the cattle or for their self-employment through small-entrepreneurial endeavours. Moreover, Satya MicroCapital has been contributing immensely to women empowerment by generating additional income earning opportunities for them thus it’s making more visible economic contribution leading to growth in women’s self-confidence, self-esteem and the women’s status in their family as well as in wider community and the society. “What makes our microfinance loans more innovative is our diverse range of product offerings which serves to fulfill various credit needs of the people. Our best practices coupled with latest innovations in digital lending have altogether given us a distinct competitive edge,” says Mr. Tiwari.
Apart from income generation (majorly – especially for its women clients) - targeting rural and semi-urban markets, WASH (Water and Sanitation) lending also constitutes a vital part of its loan inventory. It’s strong multi-layered credit verticals, Cashless transactions (100% cashless disbursement + cashless repayments) besides Repayment Holidays during Festivals, HospiCash products and Emergency loans, among others— all its products are aimed at fulfilling the credit requirements of the people at the bottom of the pyramid (BoP). Through its efforts it’s supporting the people looking to raise their working capital, thereby successfully engaging in an atmosphere wherein they are empowered in an economic as well as physical capacity by raising their standard of living.
Through its diversified loan portfolio and technology-driven operations, it has added a social touch to lending, besides integrating modern technology into the microfinance industry. Moreover, Satya MicroCapital is the pioneer in starting digital collections in microfinance space. It’s using digital technology including paperless transactions, cashless disbursements, geo-tagging of clients and staff locations, e-KYC of clients and e-Learning platform for training staff members, among others.
It is through Apps, it monitors the entire transactions even in the remote areas efficiently. Satya MicroCapital disburses loans of ₹25000 to ₹70000 in Group Lending and loans of ₹25000 to ₹2 Lakh in Individual Lending. Through its vast network, Satya MicroCapital has empowered over 4.5 Lakh households in a short span of 4 years. With more than ₹2,500 Cr. disbursements, it has current Assets Under Management of nearly ₹1,250 Cr. Mr. Tiwari says, “Our aim is to be a catalyst for the Socio-economic upliftment of 5 Million Households by 2025. Our growth and business strategies are focused upon realising this vision through creation and promotion of entrepreneurship and livelihood creation.”
In spite of the current COVID-19 pandemic scenario which has thrown a lot of challenges in its way, Satya MicroCapital is moving ahead with a fast pace in line with its mission to serve the small entrepreneurs of the marginalised sections of the society. Though there has been an economic crisis surrounding the country and the world at large, SATYA showcased its financial resilience as its esteemed funders and investors continued to support it. Mr. Tiwari says, “Our past track record proves our adaptability and farsightedness with respect to our operations and financial strategies. The crisis has further boosted us as we prepare our Business Continuity Plan for the future. We have been adapting to change in an apparently slower, more evolutionary manner, projecting our strategic resilience to go beyond resisting a one-time crisis.”
As a remarkable social welfare initiative during the pandemic times, it supported its clients as well as its employees by launching free-of-cost Digital OPD, wherein the clients, its employees as well as their respective family members could seek medical consultation on telephone without having to pay any additional fee. It also organised Satya Rasoi – a food distribution programme for the migrant population, besides introducing an Insurance product COVID Care especially for the pandemic-hit clients/employees.
Satya MicroCapital further aims to establish 300 branches with an AUM of INR 2,500 Cr (approx) by the end of next financial year 2022. Moreover, with its latest foray into South India Satya MicroCapital is looking forward to gaining deeper penetration and it’s also looking into product diversification as per the geographical needs & demands. “We, at Satya MicroCapital, hope to see a definite and a measurable increase in the saving habits as well as financial and social independence of our clients and we look forward to seeing a digitally and financially sound India. Our focus shall always remain at the holistic development of the marginalised and 'forgotten/ neglected' section of the society and as we grow through the coming years, we look forward to making a difference in more lives and households,” concludes Mr. Tiwari.
Disclaimer: This is a company press release. No HT journalist is involved in creation of this content.