SAVE MicroFinance: Focus on Providing Microfinance Services to Urban and Rural Poor

Microfinance is significant because it provides capital resources to the financially disadvantaged, such as those who cannot obtain checking accounts, lines of credit, or loans from conventional banks. With-out microfinance, these groups can be forced to rely on high-interest loans or payday advances, or even borrow money from family and friends. Micro-finance enables such individuals, especially women, to invest in themselves and their businesses.

Established in 2017, SAVE Micro-finance is a new generation tech-savvy microfinance institution that uses the Joint Liability Group (JLG) lending approach to offer microcredit services to women entrepreneurs. -Ajeet Kumar, CEO, SAVE MicroFinance, "A standard loan ticket size varies between INR 10,000 and INR 40,000 (220-440$) and is granted solely for income-generating activities such as small business, handicrafts, trade and services, agricultural and allied activities. SAVE uses its extensive network of CSPs (Customer Service Points) to offer cash-in and cash-out services to these women micro-entrepreneurs."

Approaches & Philosophies
According to the Global Findex Study, even after 73 years of independence, India has the world's second-largest unbanked population (190 million unbanked Indians) SAVE MicroFinance has taken advantage of this void to build a business model that is both profitable and sustainable, and in doing so, we have become unbanked. From a modest and difficult beginning in Gaya, Bihar, in 2010, we have grown to operate one of the country's largest networks of business correspondents (BC) working in remote locations in every part of India.

SAVE MicroFinance's Geographical Presence
According to Niti Aayog data from 2017, states such as Bihar, UP, Jharkhand, MP, and Chhattisgarh are considered backwards in terms of the Human Development Index.
SAVE MicroFinance is focusing on such areas to improve the quality of life for people living there, especially women. SAVE Microfinance is rapidly expanding, with new operations in 33 districts with six states, and over 56 branches.

Ajeet Kumar Singh,Director & CEO

For its significant services, SAVE Solutions , the parent company of SAVE MicroFinance, has received various prestigious awards like Bihar Innovation Forum ­ First prize as Best innovation in Financial Inclusion presented by honorable Chief Minister of Bihar, State Bank of India Awarded 1st Prize to SAVE in the Composite Campaign in 2019, Awarded 1st Prize FI Excellence Award Over All Performance 2019-20, Awarded 1st Prize FI Excellence Award APY, PMJJBY & PMSBY from July-Oct 2019, Best per-former for Atal Pension Yojana (APY) for the year 2014, 2015 & 2016. Also, First Prize from prestigious Micro Finance India Award under best Business Correspondent (BC) Network Manager in Asia for the year 2014 and 2015- awarded by The World Bank.

SAVE uses its extensive network of CSPs (Customer Service Points) to offer cash-in and cash-out services to these women micro-entrepreneurs

SAVE MicroFinance has a further target of expanding the business in 15 states across India in the medium term. "Our focus is on introducing new loan products as per the customer's core requirements. Green Loan Products and Housing loan Products are in pipeline. The short goal is to achieve a Gross Loan Portfolio of INR 1,500 Cr and long-term goal of Gross Loan Portfolio of INR 2,500 Cr", concludes Ajeet Kumar.