Wednesday, July 24, 2024
Outlook.com
Outlook India
Outlook Business

Moneyboxx Finance: Driving Financial Inclusivity By Empowering Women Entrepreneurs

With Rs 440 crores disbursements up to Jan 2023, Moneyboxx claimed to transform the lives of more than 26,000 borrowers and aims to bridge the credit gap to improve the lives of women entrepreneurs in Tier-III cities and beyond

Moneyboxx Finance: Driving Financial Inclusivity By Empowering Women Entrepreneurs

Outlook Start-Up Desk

POSTED ON February 25, 2023 12:41 PM

Moneyboxx Finance Limited, an NBFC listed on the Bombay Stock Exchange, is reportedly making strides in financial inclusion by empowering micro-entrepreneurs, particularly women, through income-generating business loans. With a cumulative disbursement of Rs 440 crores as of January 2023, Moneyboxx claims to have transformed the lives of over 26,000 borrowers across six states, with more than half of them being women entrepreneurs. In Madhya Pradesh alone, it has assisted over 3,000 female borrowers in just three years.

Moneyboxx aims to address the credit gap that has hindered the growth of women-led small and micro-enterprises in Tier-III cities and beyond, by providing unsecured and secured business loans for income generation. Over the past decade, there has been a significant increase in the number of women-led small and micro-enterprises in India, which has grown from 215,000 to 12.3 million, representing 20 per cent of domestic micro, small and medium enterprises (MSMEs). However, due to the lack of access to movable and collateral assets and pre-existing biases, India ranks third in the entrepreneurship gender gap.

"Female entrepreneurs from Tier-II and Tier-III cities lack networking opportunities with other founders and experts in the segment. To address the situation, we need to emphasise qualitative, non-conventional credit evaluation approaches, product innovation, and the use of technology and policy reforms to improve access to credit for women entrepreneurs," explained Mayur Modi, co-founder of Moneyboxx Finance Ltd.

Moneyboxx plans to expand its reach by increasing its branch network to 60 and building an asset under management of over Rs 400 crores in the financial year 2023 (FY2023). The company is committed to transforming the lives of micro-entrepreneurs in Tier-III cities and beyond, bridging the credit gap and improving access to credit for women entrepreneurs, ultimately leading to a more inclusive and prosperous India.

  • Related Articles

    The gig economy is attracting top recruiters and expanding beyond metro cities to Tier-II and Tier-III cities, providing more opportunities for self-employed individuals

    5X Growth In Demand For Gig Workforce After Mass Layoffs: Report

    Uber said it is ready to commit to the same phased electrification mandates including full fleet electrification timelines as suggested for delivery companies

    Uber Urges Delhi Government For Industry Dialogue; Seeks Parity With Delivery Cost On Electrification Mandates, Timelines

    Alliance Insurance Brokers has partnered with the delivery platform to provide personal accident insurance cover to delivery partners

    20000 Dunzo Delivery Partners To Get Insurance Cover Daily