Bhubaneswar (Odisha) [India], November 12: Annapurna Finance Pvt. Ltd. (AFPL), a leading NBFC-MFI in India, has been highlighted in 60 Decibels’ 2024 Microfinance Index for its transformative role in enhancing the financial resilience of underserved communities. With a significant focus on women borrowers and rural clients, AFPL’s impact spans income growth, improved quality of life, and increased household decision-making power among its clients.
The 60dB Microfinance Index, an annual benchmark in the sector, analyzed feedback from over 36,000 clients across 45 countries. AFPL is acknowledged as one of the top-performing Financial Service Providers (FSPs) in Asia, with high scores in access to finance, business impact, and resilience, particularly among women and first-time borrowers. The index further emphasized Annapurna’s commitment to client protection, with a strong focus on ensuring loan transparency and promoting financial literacy.
Annapurna secured a score of 76 out of 100, following Standard Microfinance Bank from Nigeria (Score 89) and CJSC Bank ‘Arvand’ from Tajikistan (Score 81). The scores are assigned based on 6 impact dimensions namely Access, Business Impact, Household Impact, Client Protection, Resilience and Agency.
Key Highlights:
- Financial Empowerment and Business Growth: Annapurna’s clients reported significant increases in income, with more than 55% noting a positive impact on their ability to earn from business activities and contribute to family expenses.
- Quality of Life and Decision-Making: 76% of clients expressed that their quality of life had improved significantly, with many highlighting enhanced ability to make financial decisions and a reduction in financial stress, more than 92% clients never had to reduce their food intake to make repayment obligations and their loan repayment obligations are not a problem which is way above the benchmark from global industry
- Commitment to Client Protection and Transparency: AFPL scored high in client protection indicators, with clients noting clear communication on loan terms and fair treatment from agents.
- Generating Employment: Annapurna’s efforts have supported job creation within local communities, with 33% of clients reporting the ability to employ additional workers.
Empowering Financial Resilience with Additional Services
The 60dB Index revealed that Annapurna’s additional services—such as training and business support—are helping clients build resilience against economic shocks. Clients with access to these services reported a marked increase in savings and an improved ability to handle emergency expenses, underscoring Annapurna’s role in fostering financial security and stability.
Comments from Annapurna Finance
“We are proud to be recognized by 60 Decibels for our commitment to empowering clients through accessible, inclusive financial services,” said Mr. Gobinda Chandra Pattanaik, Managing Director of Annapurna Finance. “Our focus remains on reaching underserved populations with impactful financial solutions, and we are and will continue our journey in improving the lives of our clients.”
About Annapurna Finance (AFPL)
Annapurna Finance Pvt. Ltd., founded in 2009, is one of India’s leading NBFC-MFIs dedicated to promoting financial inclusion through microcredit and green financing. With roots in People’s Forum, an NGO focused on community welfare, AFPL empowers economically disadvantaged clients across India. Today, Annapurna supports millions of clients with need-based financial services, driving entrepreneurship, enhancing livelihoods, and contributing to India’s socio-economic growth.
If you have any objection to this press release content, kindly contact [email protected] to notify us. We will respond and rectify the situation in the next 24 hours.
