Muthoot Microfin Ltd., the microfinance arm of the Muthoot Pappachan Group (MPG), has registered 2 million active customer base. The microfinance institution has also announced that it clocked an Asset Under Management of Rs 6,000 crore in Q4FY22. It has also set a target for near future for Rs 10,000 crore AUM over the next 2 to 3 years.
Muthoot Microfin’s Managing Director, Thomas Muthoot said, “It really is an extraordinary achievement to be proud of and reinforces our commitment to positively impact the lives of millions of underserved people by improving their financial well-being, that too in a relatively short span of time. 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”.
Muthoot Microfin CEO Mr Sadaf Sayeed said, “We just raised $50 million capital from London based PE firm
GPC, we have very good support from banks and other lenders, with our 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.”
The MFI lender is spread across 16 states and 897 branches across India.