Global microfinance provider, VisionFund announced the launch of its India operations under VisionFund India Private Limited. The organisation received its license as a non-banking finance company microfinance institution from the RBI in June 2022.
VisionFund has been improving the lives of children in the developing world for over 19 years by providing small loans and other financial services to low-income families. In FY21, VisionFund International’s network of microfinance institutions provided loans to one million clients, with nearly three-fourth of these going to women and over a third to clients actively involved in farming.
In India, VisionFund will be working closely with NGOs engaged in training and livelihood projects as part of a holistic and sustainable approach to rural economic development, the company said in a press release.
Headquartered in Chennai, VisionFund India began lending operations in September 2022 with five branches in Tamil Nadu, and will provide financial products that cater to the livelihood needs of low-income communities, as well as other financial needs related to education, water, sanitation and hygiene, and insurance.
“VisionFund India gives us the platform to positively transform the lives of vulnerable children and families across India. Our focus will be on empowering women, especially families with children,” VisionFund’s Asia Regional Head, Launce Moses, was quoted in the release.