Unitus's Indian partners cross one million mark

Chennai, Feb 15 (UNI) Leading global microfinance accelerator Unitus today said its seven microfinance partners in India have now collectively reached more than one million of country's working poor people.

According to a company statment here today, with the increased access to financial services more than one million poor households had improved their life style and started to move out poverty cycle.

Worldwide, only two per cent of Micro Finance Institutions (MFIs) served one lakh or more clients, it added.

The MFI industry was constrained by lack of capital, limited technology and product development, human resources challenges and poor operational infrastructure.

With a total of 13 partners in its global portfolio across six countries, Unitus worked with seven MFI partners in India including Swayam Krishi Sangham, Grameen Koota, Bharatha Swamukti Swamsthe, Ujjivan, Bandhan, Swadhaar and ASA-GV.

Collectively reaching about 2,50,000 poor clients at the end of 2005, these MFI's today reached over one million clients, growing significantly faster than the industry average.

Unitus planned to extend its acceleration model and double its portfolio this year by supporting the growth of MFIs operating in unserved geographies across the country.

Unitus is a global microfinance accelerator that focuses on the growth of its microfinance partners.

UNI