Honest 836 Report post Posted June 11, 2008 SKS Microfinance to provide cheap handsets to poor 11 Jun, 2008, 2207 hrs IST, PTI NEW DELHI: Leading microfinance lender SKS Microfinance will join hands with Nokia and Airtel for providing cheap handsets to the poor. "This is our pilot project. We are in the process of it and the MoU is soon to be signed," Vikram Akula, CEO of SKS Microfinance said here on Wednesday. The company will launch the project in Andhra Pradesh first. "As much as 15 per cent of the customers of SKS are already having handsets. We expect 75 per cent of our customers to go for these cheap mobiles," SKS chief operating officer M R Rao said. The company has also approached the Reserve Bank for mobile banking, on which there are regulatory constraints, he said while announcing the performance of the company in the last fiscal. The NBFC also has plans to venture into newer areas of microfinance and is planning to provide non-financial services like food, consumer durables, health, disaster management to the poor. He said the company has extended unsecured loans worth Rs 1,616 crore among 1.9 million consumers during 2007-08. "Our fast-paced inclusive growth this year has been powered by a third round of equity infusion worth Rs 147 crore in January and Rs 1,267 crore raised against that as debt by partnering with leading banks of India," Akula said. The non-banking financial company has attracted several investors like Seattle-based NGO Unitus, SIDBI, private equity firm Sequoia Capital, Silicon valley Bank, Columbia Ventures Corporation among others. It has also raised Rs 1,700 crore from institutions like SIDBI, Corporation Bank, Axis Bank, HDFC, HSBC, Bank of India, Yes Bank, Indian Bank, IndusInd Bank, Karur Vyas Bank. Share this post Link to post Share on other sites
