Moneyboxx Finance Limited, a BSE-listed NBFC (non-banking finance company), has reached cumulative disbursements of Rs 440 crore up to January 2023, covering more than 26,000 borrowers across six states, with over 50 per cent of them being women entrepreneurs.
The company is focusing on financial inclusion by empowering micro entrepreneurs, especially women, by providing income-generating business loans. In Madhya Pradesh, it has served more than 3,000 female borrowers within three years of its operations.
The company said, "Moneyboxx plans to bridge the credit gap to improve their lives. The company is committed to transforming the lives of micro-entrepreneurs in Tier 3 cities and beyond by providing unsecured and secured business loans for income generation purposes."
During the past decade, the country has witnessed a spike in the number of women-led small and micro enterprises (SMEs), which soared from 2.15 lakh to 1.23 crore, accounting for 20 per cent of domestic MSMEs. Given the pre-existing biases and paucity of access to movable and collateral assets, the nation ranks third in the 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."
The company intends to augment its presence by increasing the branch network to 60 and building an asset under management (AUM) of more than Rs 400 crore in FY2023.
Applying for a digital loan? Stick to loan apps on RBI's white list
Shriram Finance turns India's largest retail NBFC after merger: Group
'Upper layer' NBFC tag for Tata Sons calls for a new compliance policy
NBFC-MFIs overtake commercial banks in micro loan market share in Q2
Google asks loan apps to display link to partner bank, NBFC: Report
NBFCs' collection efficiency to remain strong even after rate hike: Icra
Ahead of ban order, RBI gave a list of apps working with NBFCs to govt
PAG bets big on Indian real estate as NBFCs go slow on developer loans
Aditya Birla Capital's Q3 net up 27% YoY as retail, SME lending grows
Alive and kicking: What common thread links the new-age NBFCs?
Moneyboxx started operations in February 2019 and it currently has 54 branches spread across six states – Rajasthan, Punjab, Haryana, Madhya Pradesh, Chhattisgarh and Uttar Pradesh. Moneyboxx provides unsecured and secured business loans to individual borrowers for income generation purposes in essential segments (livestock, kirana, traders as well as micro-manufacturers) in Tier 3 cities and beyond.