Pahal Financial Services secures DFC investment for rural financial inclusion
Pahal Financial Services Pvt. Ltd. (Pahal), a pioneering Microfinance Institution championing financial inclusion, celebrates its partnership with the U.S. International Development Finance Corporation (DFC). The collaboration manifests as a $12 million loan spanning up to eight years via the External Commercial Borrowing (ECB) route. This strategic investment zeros in on expanding the microfinance loan portfolio, particularly supporting women entrepreneurs in India’s rural and semi-urban terrains. With over a million grassroots-level women entrepreneurs already empowered, Pahal Financial Services aims to amplify its reach further.
Leaders Share Vision for Financial Inclusion
Kartik Mehta, Co-founder and Managing Director of Pahal Financial Services, expressed, “Financial inclusion stands as a pivotal force against poverty and for economic development. Partnering with DFC, our mission is to equip rural and semi-urban women with essential financial tools. DFC’s invaluable support for Pahal elevates our commitment to uplift society’s vulnerable sections.”
Echoing the sentiment, Purvi Bhavsar, Co-founder and Managing Director of Pahal Financial Services, elaborated, “Our dedication lies in arming vulnerable women entrepreneurs with tools, training, and resources for financial autonomy. This alliance magnifies available capital for women-centric ventures, addressing typical financing challenges they face.”
James Polan, Vice President of DFC’s Office of Development Credit, emphasized, “DFC is committed to expanding financial access in India, especially for women entrepreneurs in underrepresented areas. This loan is a stride towards proliferating microfinance lending to grassroots-level women.”
Advancing Towards Inclusive Economic Growth
The funds channeled through this partnership are set to augment financial service accessibility, foster financial literacy, and construct a holistic financial environment in rural India. Pahal Financial Services’ alignment with DFC underpins their mutual dedication to fortifying underprivileged communities and bridging the financial divide, contributing significantly to SDGs 1, 5, and 8.
Additionally, Pahal Financial Services’ engagement extends beyond lending, encompassing services like insurance, financial and digital literacy camps, and initiatives focused on climate change preparedness. This investment, symbolizing Pahal Financial Services and DFC’s commitment, paves the path for sustainable and inclusive economic growth in one of the globe’s most vibrant nations.