In March 2023, OeEB signed a USD 20 million bilateral credit facility with CreditAccess Grameen Limited, India's largest microfinance institution. The funds will be used to finance microloans for income-generating activities to women from poor and low-income households.
|Project name||CreditAccess Grameen Limited|
|Region||Southern and Eastern Asia|
|Sector||Financial sector / Microfinance / SME|
|OeEB project volume||USD 20 Million|
|International climate finance according to UNFCCC||no|
|Projekt partner(s)||CreditAccess Grameen Limited|
CreditAccess Grameen Limited ("CAGL"), formerly known as Grameen Koota, was founded in 1999 to cater to the evolving financial needs of low-income households in India. Over time, CAGL has grown to become the largest NBFC-MFI (Non-Banking Financial Company - Micro Finance Institution) in the country, serving over 3.9 million women customers from rural areas through a network of over 1,700 branches across 14 Indian states and one Union Territory.
CAGL follows the Grameen model of microfinance and offers products & services to women who are organized in Joint Liability Groups of 5 to 10 persons. CAGL offers multiple products to its clientele meeting entire lifecycle needs along with flexible options of a weekly, fortnightly, or monthly payment basis during the 'Kendra' meetings. The customer is onboarded through an income-generation loan which is granted exclusively for income-generating or income-enhancing endeavours with an insurance facility. Additionally, customers can opt for home improvement loans, emergency loans and family welfare loans. AePS based cash withdrawal services too are offered.
OeEB’s credit line to CreditAccess Grameen Limited will contribute to strengthening the financial inclusion of poor and low-income households as well as to promoting gender equality, mainly in the rural areas of India.