Fusion wins the "Organization of the Year" award
Fusion Microfinance Pvt. Ltd., a portfolio microfinance company in the NMI Frontier Fund, was named Microfinance India’s Organization of the Year (Medium & Small).
Microfinance India is a national level advocacy platform, initiated by ACCESS Development Services, spurned off to ACCESS-ASSIST, to engage various stakeholders and develop a comprehensive vision for the entire sector. This award aims to recognize and encourage smaller and upcoming MFOs, who have demonstrated the potential for growth and have exhibited the ability to establish strong processes along with efficient operations. NMI invested roughly 3 million dollars in February 2013, client outreach has grown almost 400% since NMIs initial investment.
About Fusion Microfinance Private Limited
Fusion Microfinance as an organization was set-up by Mr. Devesh Sachdev and Mr. Ashish Tewari, having complimentary skill sets in Banking, Finance and supply chain. With a humble beginning in January 2010, Fusion as an organization has established itself as a serious player in the North-Central part of India.
Fusion’s strategy to be prudent in lending, good governance, consistent growth, vision clarity (not claiming to be eradicating poverty but providing access to finance), resilience of the team and support from stakeholders has helped the organization grow in midst of the microfinance crisis in India.
Fusion primarily works in rural and semi-urban areas providing financial services to women belonging to the economically and socially deprived section of the society. Over 85% of its active loan clients belong to the marginalized communities. The organization proudly claims to have touched the lives of more than 288 000 clients since inception. Responsible finance and client protection have strengthened Fusion as a brand that strictly adheres to RBI directives and industry guidelines.
ACCESS - ASSIST is a public charitable trust whose overall mandate is to work at all levels of the financial value chain, on one hand to organize the demand on the ground and on the other hand to engage with supply side actors and catalyze greater flow of funds to the poor. Annually presented, the Microfinance India Awards, instituted by ACCESS with support from HSBC, recognize individuals and institutions that have tirelessly engaged in sectorial issues, contributed to its growth and have demonstrated commitment to instill high standards into practice.