Muthoot Microfin reaches 2 million active customers
1 min read 16 Mar 2022, 06:36 PM ISTThe microfinance institution said it clocked an asset under management of Rs6,000 crore in the fourth quarter of FY22
PremiumMUMBAI : Muthoot Microfin Ltd., the microfinance arm of the Muthoot Pappachan Group, on Wednesday said its active customer base has touched 2 million.
The microfinance institution also said it clocked an asset under management of ₹6,000 crore in the fourth quarter of FY22. Muthoot Microfin aims at ₹10,000 crore AUM over the next two-three years, it said.
Thomas Muthoot, managing director of Muthoot Microfin said that it really is an extraordinary achievement to be proud of and reinforces its commitment to positively impact the lives of millions of underserved people by improving their financial well-being.
“The potential for future growth and the scope to innovate in this segment are quite high, especially in the wake of the new microfinance regulatory framework issued by RBI – which emphasizes and empowers the role of NBFC-MFIs in reaching out to sections of our society at the bottom of the economic pyramid," said Muthoot.
According to Sadaf Sayeed, the chief executive, the lender just raised $50 million capital from London based PE firm GPC, has good support from banks and other lenders and with its tech stack and well-trained staff, Muthoot Microfin is well-poised to grow.
“The new liberalized regulation will give us ample scope to innovate and offer customized products to our customers. I am sure that FY23 will see a new era of growth for MFI industry and Muthoot Microfin would be a leader in that space," said Sayeed.
