Moneyboxx Finance Limited, a BSE-listed NBFC (non-banking finance company), is promoting financial inclusion and empowering micro entrepreneurs, particularly women, through the provision of income-generating business loans. Moneyboxx has altered the lives of over 26,000 borrowers across 6 states, with over 50% of them being women entrepreneurs, with a total payment of INR 440 crores up to January 2023. Within three years of operation in Madhya Pradesh, it has helped over 3,000 female borrowers.
Moneyboxx intends to overcome the credit gap in order to improve the lives of its female customers. The Company is dedicated to improving the lives of microentrepreneurs in Tier 3 cities and beyond by offering unsecured and secured business loans for income generation.
Over the last decade, the number of women-led small and micro enterprises in the country has increased from 2.15 lakh to 1.23 crore, accounting for 20% of domestic MSMEs. Given pre-existing biases and a scarcity of transportable and collateral assets, the country ranks third in terms of entrepreneurship gender gap.
Elaborating on the efforts to bridge the gender gap, Mayur Modi, Co-founder, Moneyboxx Finance Ltd stated, “Emerging female entrepreneurs from Tier 2 and Tier 3 cities lack networking opportunities with other founders and experts in the segment. To address the situation, one needs 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.”
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Keeping these objectives in mind, the Company plans to expand its presence in FY2023, extending its branch network to 60 and amassing an AUM of more than INR400 crore.
