SKS IT initiative to expand base

Bangalore, Feb 5 (UNI) SKS Microfinance today launched an initiative to create IT infrastructure to expand its current base for serving 40 lakh poor households as part of its goal of achieving financial inclusion by 2009.

SKS Founder-CEO Vikram Akuta told reporters here the initiative involved IT majors like Compulink, HCL, Infosys and Wipro which will play the role of networking in 1,500 urban and rural microfinance branches throughout the country, deploying best-in-class software applications to enhance the speed of data transfer, strengthen security, and enable real time data analysis.

The new IT infrastructure is aimed at helping SKS to achieve its ambitious goal of expanding its outreach from current base of 650 branches serving 17 lakh poor households to 1,500 branches catering 40 lakh households by 2009.

The new IT backbone is expected to be in place by May, 2008, he said.

Dr Akuta said the company which operated in 15 States currently had disbursed more than Rs 1,900 crore in credit and distributed life and health insurance products to poor in nearly 20,000 villages and slums in 2007-08.

The company also planned to add new financial services, ranging from other micro insurance products to remittances.

Currently it was adding 50 new branches and 1.5 lakh clients per month, he added.

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