Satin Creditcare Network expands reach to Nagaland to enhance financial inclusion
Satin Creditcare Network Limited (SCNL), a prominent player in India’s microfinance sector, has officially opened its first branch in Dimapur, Nagaland. This expansion marks SCNL’s presence in 27 states and union territories, including six states in the Northeast region. The establishment in Nagaland signifies SCNL’s role as the first major microfinance institution to penetrate this market, aimed at boosting financial inclusion and driving economic growth across the country.
SCNL’s strategic move into Nagaland underscores its commitment to reaching underserved areas, particularly in rural and semi-urban regions where access to credit is often limited. The company’s operational network now spans 1,393 branches, with a focus on empowering rural communities which constitute 76% of its operations. The expansion into Nagaland is expected to address the needs of poor communities by providing essential financial services that are pivotal for local economic development.
Mr. Anil Kwatra, Chief Business Officer of Satin Creditcare, shared his enthusiasm about the new branch, stating, “We are thrilled to announce our expansion into the 27th state, Nagaland. This milestone marks a significant step forward in our mission to extend our inclusive charter and enhance the quality of life for communities across the Northeast region. This move not only underscores our commitment to making a meaningful impact but also solidifies our position as a truly pan-Indian company. We remain steadfast in our dedication to driving economic growth and development in every region we serve.”
SCNL continues to diversify its offerings beyond traditional microfinance. The institution has made significant strides in the Non-MFI segment, providing loans to MSMEs and affordable housing through its subsidiaries Satin Housing Finance Limited (SHFL) and Satin Finserv Limited (SFL). These initiatives aim to empower and uplift financially underserved communities, particularly focusing on gender empowerment through technology and innovation. With a broad portfolio of financial products and a commitment to sustainable strategic partnerships, SCNL is poised to make a profound impact on India’s financial landscape.