Muthoot Microfin clocks 2 million active customers, AUM surges to ₹6000 crore

17^th March 2022: Muthoot Microfin Ltd., the microfinance arm of the Muthoot Pappachan Group (MPG), has achieved a remarkable feat by registering a massive 2 million active customer base. The microfinance institution has also announced that it clocked an Asset Under Management of ₹6000 crore in the 4th quarter of Financial Year 2021-22. Besides marking an important milestone for company, the growth also sets the trajectory for near future, as Muthoot Microfin aims at ₹10,000 crore AUM over the next 2 to 3 years.

Muthoot Microfin Managing Director Mr. Thomas Muthoot said, “It really is an extraordinary achievement to be proud of and reinforces our commitment to positively impact the lives of millions of underserved people by improving their financial well-being, that too in a relatively short span of time. The potential for future growth and the scope to innovate in this segment are quite high, especially in the wake of the new microfinance regulatory framework issued by RBI – which emphasizes and empowers the role of NBFC-MFIs in reaching out to sections of our society at the bottom of the economic pyramid”.

Muthoot Microfin CEO Mr Sadaf Sayeed said, “This is another major milestone in the life of Muthoot Microfin Ltd, we are proud to serve 2 million rural households. Muthoot has always focused on catering to the life cycle needs BoP customers, reaching 2 million household gives us tremendous satisfaction. We just raised $50 million capital from London based PE firm GPC, we have very good support from banks and other lenders, with our tech stack and well-trained staff, Muthoot Microfin is well poised to grow. The new liberalized regulation will give us ample scope to innovate and offer customized products to our customers. I am sure that FY23 will see a new era of growth for MFI industry and Muthoot Microfin would be a leader in that space.”

The two million-strong customer base of Muthoot Microfin, which is in continued pursuit for greater financial inclusion, is spread across 16 states and Union Territories across the country. Through 897 branches, Muthoot Microfin impacts millions of lives in remote and rural by empowering forthcoming women entrepreneurs.

Even as the company has a strong presence in southern part of the country, it is looking at rampant expansion across north India. Muthoot Microfin Ltd is slated to be listed in the stock market next year.