Adhikar Microfinance: Uplifting the life of Underprivileged People

Mr. Amin | Founder & MD | Adhikar Microfinance | Insights Success
Mr. Amin | Founder & MD | Adhikar Microfinance

“Microcredit is all about giving hope”- Natalie Portman
Based out of Odisha, Adhikar Microfinance Private Limited is one such organization which is dedicated to uplift life of underprivileged people. The company is committed to creating a stable and inclusive financial system for betterment of socially and economically backward people. The company has touched the lives of million people through its 84 branches in five states across the country. It has a strong presence in some of the most backward districts of Odisha including Nabarangpur, Malkangiri, Koraput, Kalahandi, Bolangir, Nuapada and Bastar district in Chhattisgarh. Also some of the backward areas of Assam and West Bengal.
Over the years, Adhikar has undertaken various financial inclusion programs through remittance,
credit linkage to Self Help Groups (SHGs) and credit for income generation activities,
water and sanitation, house renovation, and insurance services for its clients. The company also conducts financial literacy programs, safety, and hygiene practices with skill training activities for its client’s growth. It is associated with more than 15000 SHGs and has served more than 2 lakh clients.
Lading Light of Adhikar Microfinance
With over a decade of experience in the field of microfinance, Mr. Amin is the Founder and Managing Director of the company. In addition he also is a veteran social development professional with twenty-six years of extensive experience in the sector. He is one of the early votaries of the microfinance movement in Odisha. He has a master’s degree in Law from the Utkal University, Bhubaneswar, Odisha. He completed the certificate course/diploma in Human Rights from the Chulalongkorn University, Bangkok and has a certificate in credit delivery and recovery mechanism from the Garmin Bank, Bangladesh and Harvard Business School, Boston, USA. In addition he is an Ashoka Fellow for the innovative approach to financial and social intermediation through SHGs. Under his dynamic leadership and financial acumen, Adhikar has reached out to extremely difficult geographical locations including left wing extremist affected districts of Odisha and Chhattisgarh.
Exceptional Services Driving Change
Adhikar Microfinance offers financial and non-financial products to meet specific social
needs of the disadvantaged section of the community. The company offers below financial services to its clients.
 Income Generation Loan- Income Generation Loan is one of the primary loan products offered to
underprivileged women in rural and semi-rural areas. Under this product segment, the company provides loans to women who are not being able to access formal financial services to improve their standard of living. Over the years Adhikar has touched the lives of 1.93 lakhs of clients.
Water and Sanitation Loan -As large numbers of households in Odisha are exposed to unhygienic living conditions and water-borne diseases in the absence of clean drinking water, Adhikar is envisioned towards this cause and hence working on ‘creation of low cost infrastructure for accessibility of water and toilets’ to ensure safe drinking water and hygienic sanitation for the people.  Adhikar provides WATSAN loan termed as ‘Jeevan Dhara’ and reached out to 3348 clients.
Energy Loan-The company offers safe, sustainable solar solution in the lives of the rural and tribal communities of Odisha for their social and economic empowerment. Around 3648 clients are benefited through this product.
MSME Loan -MSME loan is offered to small entrepreneurs (small business owner).  MSME loan is one of the basic requirements of the poor and underprivileged communities for the expansion of their respective business and generates more income. The company provides MSME Loan to small entrepreneurs or small business owners for their various financial needs. Over the year 199 clients are benefited through this loan.
Low-Cost Housing Loan- Adhikar addresses the housing finance need of the poor and underprivileged and offers low-cost housing loan/house improvement loan with an easy repayment provision.
Micro-insurance- Though poor are vulnerable to workplace injuries, only a few of them are covered under formal insurance.  The company’s all of the customer are covered under credit line insurance with joint life cover
Making a World a Better place
Adhikar strives for the betterment of society through its exceptional non-financial services.
Financial Literacy- Access to formal credit along with financial education is the key to financial inclusion of the poor and unprivileged. Adhikar is striving towards rendering financial literacy to educate its customers on various financial services and risk management.
Cloth for Work (CFW) –Clothing is one of the most important aspects of human life and Adhikar makes it available for the needy while keeping their dignity intact.
Skill Training for Entrepreneurship- Adhikar strongly believes in the idea of “Entrepreneurship” as the driving force behind sustainable and large scale development of the marginalized and deprived communities. It envisioned to scale-up the capacity of the youths for employment and entrepreneurship by imparting skill.
Prioritizing Client Needs
Adhikar Microfinance is always ready to walk an extra mile for its customers. The company is creating best-in-class income generation activities for low-income individuals to improve their quality of living.  With better access to financial services, health hygiene, sustainable green energy, the company is ensuring utmost customer satisfaction.
With the use of innovative information communication technology, Adhikar is serving a large number of customers in a faster, transparent, secure ways. The company supports a robust and resilient service to the beneficiaries. Moreover, business processes are most efficient with the use of technology.

Future Roadmap

Adhikar has become the preferred lender and a partner of the customers in transforming their social and economic life. Focus on robust digital technology to reach out to more underprivileged customers in remote locations with digital financial services and meeting the current needs like MSME loans, housing loans, automobile loans etc. The company is looking forward to spread out to 6 states in India. Adhikar is the only MFI in Eastern India to reach the most disadvantaged people in remote locations. We cherish this idea and further strengthen it to achieve the financial inclusion into a reality. It wants to be the leading MFI in Eastern India working in most difficult locations including the conflict zones.

Related Posts