Muthoot Microfin, a prominent microfinance institution listed on both NSE (MUTHOOTMF) and BSE (544055), dedicated to promoting financial inclusion, has announced its entry into Telangana. The initial phase of expansion will witness the opening of four branches across strategic locations including Bhuvanagiri, Jangaon, Hanmakonda, and Parakala in March 2024, thereby improving accessibility to financial services. Subsequently, Muthoot Microfin plans to establish branches in Andhra Pradesh by June 2024, further underscoring its commitment to advancing financial inclusion in both states.
CEO of Muthoot Microfin, Mr. Sadaf Sayeed, commented on this strategic move, highlighting the company’s consistent performance and growth strategy focused on expanding its distribution network and customer base. He emphasized the rigorous market analysis undertaken before entering new geographies, with the expansion into Telangana marking an exciting chapter in the company’s business plan. This move reaffirms Muthoot Microfin’s dedication to community service, inclusive growth, and economic development.
The initiative aims not only to provide financial services but also to contribute to the socio-economic development of the communities in these regions. By scaling its operations, Muthoot Microfin seeks to empower women and serve a broader societal spectrum. Additionally, the expansion will generate employment opportunities in the region through the active recruitment and training of local talent via skill-building initiatives.