Unimoni Financial Services is looking at a 30 per cent growth in its business in FY25 as customers especially students are looking at new avenues for remittances.
Krishnan R, Director and CEO pointed out that overseas remittances have been a significant contributor to the global economy, especially for emerging countries like India. More people are going outside countries for education and in the healthcare sector for employment. Remittance has been in surge, and will continue to be long-term social development and economic growth in recipient countries.
Speaking to businessline on the sidelines to announce “Unimoni Students Stars 2024 scholarships”, he said, “We are positioned as one of the leading AD-II entities in India, facilitating transactions surpassing $750 million annually and generating a revenue of $14 million in the last fiscal year. Our strategic objective for FY 2024- 25 is to aim for a 30 per cent growth trajectory”.
Besides education purpose, tourism sector is also a facilitator for the growth in remittance business from India, he added.
Unimoni, which is celebrating 25 years of operations in India, has plans to open 1000 branches in the next three years from the current 311 spread across 19 states and serving more than 6 million customers.
On the gold loan business, Krishnan said the company plans to grow to ₹900 crore in FY25 from the current book size of ₹300 crore. With consumers increasingly searching for easy credit, gold loans become more attractive option. The rising trend of gold prices offers customers to get more value for money, he said.
The company also unveiled the second season of the Unimoni Students Stars 2024 scholarships aimed at providing financial aid to students aspiring to study abroad. The scholarship awards include a first prize of ₹5 lakh, second prize of ₹2 lakh and a third prize of Rs1 lakh each for three deserving students. Students can also win several other rewards. The first season witnessed 25,000 + students participating in the programme with Ashwathy, a student from Thiruvananthapuram receiving ₹3 lakh scholarships.