Muthoot Microfin launches first branch in Andhra Pradesh to boost financial inclusion

Muthoot Microfin (NSE: MUTHOOTMF, BSE: 544055), a prominent microfinance institution in India, has announced its expansion into Andhra Pradesh with the opening of its inaugural branch in Chodavaram. The launch event was graced by Mr. Udeesh Ullas, Chief Operating Officer, and Mr. Subhransu Pattnayak, Chief Human Resources Officer of Muthoot Microfin.

The new branch marks Muthoot Microfin’s entry into its 20th state, broadening its reach to over 3.4 million customers nationwide. This expansion aligns with the company’s goal of driving economic development and financial inclusion in Andhra Pradesh. The Chodavaram branch will play a crucial role in supporting low-income families and women entrepreneurs by providing tailored financial services.

Focusing on empowering women-owned businesses, the branch will offer income-generating loans and financial solutions designed to foster growth and enhance livelihoods. By prioritizing women entrepreneurs, Muthoot Microfin aims to bolster financial inclusion and contribute to community development.

Mr. Sadaf Sayeed, Chief Executive Officer of Muthoot Microfin, commented on the significance of this move: “The opening of the Chodavaram branch underscores our commitment to delivering accessible and affordable financial services to women. We aim to provide microfinance solutions that cater specifically to the local community’s needs, with efficient processing and quick turnaround times. Our entry into Andhra Pradesh completes our presence in all southern Indian states, reinforcing our dedication to empowering women and supporting their journey towards financial independence.”

Muthoot Microfin, part of the Muthoot Pappachan Group (also known as Muthoot Blue), upholds a legacy of 138 years, marked by values of integrity, collaboration, and excellence. As one of India’s leading microfinance institutions, the company focuses on fostering entrepreneurship and promoting inclusive growth. With a gross loan portfolio of ₹12,210.25 crore as of June 30, 2024, Muthoot Microfin serves 3.4 million active customers through 1,562 branches across 19 states and 362 districts.

Muthoot Microfin’s expansion into Andhra Pradesh with its Chodavaram branch represents a strategic move to extend its microfinance services to the southern region of India. Established as part of the Muthoot Pappachan Group, the institution has a long-standing legacy of over 138 years, emphasizing values of integrity and excellence. The Chodavaram branch will focus on delivering microfinance solutions designed to foster economic growth, particularly for women entrepreneurs and low-income households. This expansion not only broadens Muthoot Microfin’s geographical reach but also enhances its mission to promote financial inclusion and support local development.