Moneyboxx Finance: Driving financial inclusivity by empowering women entrepreneurs
17 February 2023: Moneyboxx Finance Limited – a BSE-listed NBFC (non-banking finance company) is driving financial inclusion and empowering micro-entrepreneurs, especially women, by providing income-generating business loans. With cumulative disbursements of INR 440 crores up to Jan 2023, Moneyboxx has transformed lives of more than 26,000 borrowers across 6 states with over 50% of them being women entrepreneurs. In Madhya Pradesh, it has served more than 3,000 female borrowers within three years of its operations.
In meeting the needs of women customers, Moneyboxx plans to bridge the credit gap to improve their lives. The Company is committed to transforming the lives of micro-entrepreneurs in Tier 3 cities and beyond by providing unsecured and secured business loans for income generation purposes.
During the past decade, the country has witnessed a spike in the number of women-led small and micro enterprises, which soared from 2.15 lakh to 1.23 crore, accounting for 20% of domestic MSMEs. Given the pre-existing biases and paucity of access to movable and collateral assets, the nation ranks third in the entrepreneurship gender gap.
Elaborating on the efforts to bridge the gender gap, Mayur Modi, Co-founder, of Moneyboxx Finance Ltd stated, “Emerging female entrepreneurs from Tier 2 and Tier 3 cities lack networking opportunities with other founders and experts in the segment. To address the situation, one needs to emphasize qualitative, non-conventional credit evaluation approaches, product innovation, and the use of technology and policy reforms to improve access to credit for women entrepreneurs.”
Keeping these goals in mind, the Company intends to augment its presence by increasing the branch network to 60 and building an AUM of more than INR400 crore in FY2023.