May 21, 2021India
Fintech lender targets India’s female entrepreneurs
Indian Fintech Fusion Microfinance — a small loans provider ranging from Rs10,000 ($136) to Rs60,000 ($816) over one to two years targeting poor women in India, has seen an explosion in growth in recent years as microfinance gains traction and acceptance. In fact, the proportion of outstanding loans in the third quarter of 2020 rose to double digits in some states
It is important to know that Women make up 60 percent of the unbanked population in the country. Moreover, India is home to 190m people without a bank account and the country’s banking sector has had to grapple with the challenge of financial inclusion, especially among low-income households
Bringing women into the financial system is critical to helping India recover after the shock of the pandemic. India’s female labour force participation is among the lowest in the world at about 20 per cent, ranking behind Saudi Arabia.
