The first phase of the expansion will see the inauguration of 4 branches across Telangana in March 2024
FinTech BizNews Service
Mumbai, March 15, 2024: Muthoot Microfin, (NSE: MUTHOOTMF, BSE: 544055), a leading microfinance institution committed to fostering financial inclusion, today announced its foray into Telangana.
The first phase of the expansion will see the inauguration of 4 branches across Telangana in March 2024. These branches will strategically serve locations including Bhuvanagiri, Jangaon, Hanmakonda and Parakala, enhancing accessibility to financial services. Subsequently, Muthoot Microfin plans to further establish branches in Andhra Pradesh by June 2024, reinforcing its commitment to advancing financial inclusion in the two states.
Commenting on this strategic move, Mr. Sadaf Sayeed, CEO, Muthoot Microfin said, "At Muthoot Microfin, our relentless pursuit of growth is evident in our consistent performance metrics. In line with our growth strategy of increasing our distribution network and acquiring new customers, we will further expand our operations in Telangana. Soon, we will be entering Andhra Pradesh as well. We maintain a rigorous market analysis approach, ensuring thorough assessments of new geographies. Our entry into Telangana marks the beginning of an exciting chapter in our business plan. Reaffirming our dedication to impactful community service, this expansion demonstrates our commitment to inclusive growth and economic development.""
This initiative aims to not only provide financial services but also contribute to the socio-economic development of the communities in these regions. By scaling its operations, the company is reaffirming its dedication to empowering women and, thereby, serving a broader societal spectrum. The development will also boost employment generation in the region, through active recruitment and training of local talent through skill-building initiatives.
