Proparco Signs Agreement to Provide $20-Million Financing to SATYA MicroCapital in Boost to Women Entrepreneurs’ Financial Inclusion
The French Development Agency’s private sector financing arm, Proparco, today signed an agreement of 20 million USD to support SATYA MicroCapital’s commitment to empowering women entrepreneurs in rural India through greater access to financing. The signing ceremony took place at the Embassy of France in New Delhi, in the presence of the new Ambassador-designate of France to India, H.E. Mr Thierry Mathou.
|
Vivek Tiwari, MD SATYA MicroCapital receiving 20 million NCD cheque from Proparco at French Embassy
This partnership was first announced on July 14th, on the occasion of Prime Minister Narendra Modi’s historic visit to Paris as the guest of honour at France’s Bastille Day celebrations. It exemplifies France’s commitment to working with India on ensuring sustainable, inclusive development.
Proparco will also back SATYA MicroCapital in implementing appropriate policies for customer protection and streamlining environmental and social policies. Resolved to adhere to the customer protection pathway developed by CERISE, SATYA has pledged to be CPP-certified by the end of 2023. SATYA is also providing clients with non-lending social initiatives, such as conducting health awareness camps, providing insurance services, and financial literacy.
On this occasion, Proparco and SATYA also signed a Memorandum of Understanding under the 2X Challenge, a global G7 initiative dedicated to boosting womens economic empowerment.
The impact of the multifaceted project is expected to contribute to SDG 1 (No Poverty), SDG 5 (Gender equality and women empowerment) and SDG 8 (Decent Work and Economic Growth).
On this occasion, the Ambassador-designate of France to India, Mr Thierry Mathou, said, “As part of the Horizon 2047 Roadmap adopted by our leaders on July 14, France and India committed to working together on fostering social inclusion in pursuit of sustainable development goals. Today, we take a concrete step in this direction. This partnership between Proparco and SATYA MicroCapital, a pioneering Indian microfinance institution, will provide over fifty thousand women across India access to microfinance to enable them to pursue their dreams and realise their projects. Women’s empowerment is a priority in France’s cooperation with India.”
For Diane Jegam, Proparco Regional Director for South Asia, “We are very proud to work with an institution strongly committed to implementing the best practices and women’s empowerment. This partnership with a key player in the microfinance sector is aligned with Proparco’s new strategy for 2023-2027, which is acting for greater equality. The project will create significant impacts by improving access to financing for 53,730 micro-entrepreneurs running their own MSMEs.“
Sharing his thoughts, MD, CEO & CIO, SATYA MicroCapital – Mr Vivek Tiwari said, “Our partnership with Proparco is an absolute motivation for SATYA to continue its mission of driving financial inclusion and empowering women entrepreneurs across India. The level of trust Proparco has reposed in our modus operandi will act as the tapestry of our impending expansion goals. I feel gratified that within seven years of inception, SATYA’s business model is ultimately gaining momentum across global industry. As we move forward, SATYA will remain dedicated to creating sustainable change and enabling brighter futures for countless households at the bottom of the pyramid.”
SATYA MicroCapital Media Contact:mediarelations@satyamicrocapital.com.
About SATYA MicroCapital Limited
Established in October 2016, and headquartered in the capital city of New Delhi, SATYA initiated the course of its operational journey in January 2017. With the foremost and fundamental goal of empowering rural women, digitally – socially – financially, SATYA has come a long way since its incorporation. Since then, the company has registered an impressive growth by achieving Assets Under Management (AUM) of more than INR 5000 crore in less than seven years. With a network of more than 500 branches spanning approximately 50,000 villages across 25 states, SATYA is harnessing technology as a catalyst for inducing progressive change in the lives of its clients, where it has consistently integrated cutting-edge innovations into its operations. This in turn has resulted in SATYA emerging as one of the fastest growing highly-technology driven MFIs in the country. At present, SATYA is furnishing its affordable micro credit services to more than 15 lakh women entrepreneurs from rural and semi-urban areas who are excluded from traditional banking channels because of their low, irregular, and unpredictable income. The helm of SATYA’s accessible services is to be a catalyst for the socio-economic upliftment of its clients via channelizing income growth and income generation. SATYA is integrally concentrated towards building their financial capacity and ability to boost financial self-sufficiency. The taskforce of nearabout 5500 employees plays an intrinsic role in SATYA’s ongoing growth trajectory. In addition to yielding financial aid to unbanked sections of the population, SATYA MicroCapital consistently associates with institutions of the same wavelength to disseminate the importance of digital and financial literacy in rural areas.
For more information, go to: satyamicrocapital.com/a
Proparco Media Contact: Floriane Balac / presse@proparco.fr
About Proparco
Proparco, a subsidiary of Agence Franaise de Dveloppement Group, has been working with the private sector for over 45 years for a more just and sustainable world. With an international network of 23 local offices, Proparco works closely with its partners to build sustainable solutions in response to environmental and social challenges in Africa, the Middle East, Asia, and Latin America. Proparco possesses sector-based expertise, and offers a wide range of financial solutions tailored to the different stages of business development, through its Digital Africa subsidiary, and its Propulse technical assistance designed to scale up the impacts and performance of its partners.
Proparcos new “Acting together for greater impact” Strategy 2023-2027 enables, strengthens and amplifies the different ways in which it works with its partners.
To learn more: www.proparco.fr/en/strategy.
For more information, go to: www.proparco.fr/en and @Proparco LinkedIn.
