The Microcredit Summit Campaign welcomes Equitas and Grama Vidiyal as the 55th and 56th organizations to make a Campaign Commitment. They join a global coalition to help 100 million families lift themselves out of extreme poverty. The 2 Indian MFIs are committing to expand their microfinance services (especially non-financial) as well as continue to measure poverty levels of their clients using the PPI.
Grama Vidiyal and Equitas are committing to expand their microfinance services in the fight to end poverty
"Microfinance creates a window for the poor where they can access quality financial services such as credit, savings, insurance, etc., without inhibition," Sathianathan Devaraj
Washington, D.C. - June 23, 2015: The Microcredit Summit Campaign welcomes Equitas and Grama Vidiyal, two major Indian microfinance institutions (MFIs), as the 55th and 56th organizations to make a Campaign Commitment. They join a global coalition that includes the ILO, FAO, and Government of Ecuador and is working to help 100 million families lift themselves out of extreme poverty.
Equitas and Grama Vidiyal are both active members of the Campaign. Equitas has reported its client outreach to the Campaign since 2008 and Grama Vidiyal since 1998. Both are serving more than 1 million clients with microfinance services.
Chairman and managing director of Grama Vidiyal, Sathianathan Devaraj, explained that “Microfinance is a very important tool for financial inclusion... Microfinance creates a window for the poor where they can access quality financial services such as credit, savings, insurance etc., without inhibition. A double bottom line approach with the right balance of fiscal performance and positive social impact is key to microfinance’s success.” The Campaign partners with both Grama Vidiyal and Equitas to provide integrated health and microfinance services to their clients.
Equitas is committing to expand its financial and non-financial services to the following number of clients in the financial year 2015-2016:
Read the Campaign Commitment Letter from Equitas.
Grama Vidiyal is committing to expand its financial and non-financial services to the following number of clients in the financial year 2015-2016:
Read the Campaign Commitment Letter from Grama Vidiyal.
The Microcredit Summit Campaign is building a movement among financial service stakeholders committed to helping to end extreme poverty through the 100 Million Project. The project recruits public statements of commitment to action, seeks an expansion of practices to reliably measure movement out of extreme poverty, and promotes innovations and best practices to accelerate movement out of poverty.
The Microcredit Summit Campaign
The Microcredit Summit Campaign (the “Campaign”), a project of RESULTS Educational Fund, is the largest global network of institutions and individuals involved in microfinance and is committed to two important goals: 1) reaching 175 million of the world’s poorest families with microfinance and 2) helping 100 million families lift themselves out of extreme poverty. The 100 Million Project (focused on Goal 2) was launched in response to World Bank President Jim Yong Kim’s call to end extreme poverty by 2030 and in recognition that full financial inclusion can only be achieved by targeting the extreme poor. For more information on Commitments and the 100 Million Project, visit our website or write to mycommitment[at]microcreditsummit[dot]org.
Equitas is an NBFC MFI with Headquarters at Chennai, India, and operations in eight states, namely Tamil Nadu, Pondy, Karnataka, Maharashtra, Gujarat, Rajasthan, Madhya Pradesh, and Chattisgarh. Equitas has about 2.8 million active borrowers as on 31st March, 2015. Along with financial services, Equitas is also promoting several non-financial services aiming at holistic development of their clients and their families. http://www.equitas.in/
Grama Vidiyal is one of the largest Indian microfinance institutions, serving 1 million clients across 5 Indian states. Their objective is to focus on eradication of poverty and improving the standard of living of downtrodden women. http://www.gvmfl.com/
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