The History of Microfinance

The history of microfinancing can be traced back as long to the middle of the 1800s
when the theorist Lysander Spooner was writing over the benefits from small credits to
entrepreneurs and farmers as a way getting the people out of poverty. But it was at the end of
World War II with the Marshall plan the concept had an big impact.

The today use of the expression microfinancing has it roots in the 1970s when organizations,
such as Grameen Bank of Bangladesh with the microfinance pioneer Mohammad Yunus,
where starting and shaping the modern industry of microfinancing. Another pioneer in this
sector is Akhtar Hameed Khan. At that time a new wave of microfinance initiatives
introduced many new innovations into the sector. Many pioneering enterprises began
experimenting with loaning to the underserved people. The main reason why microfinance is
dated to the 1970s is that the programs could show that people can be relied on to repay their
loans and that it´s possible to provide financial services to poor people through marketbased
enterprises without subsidy. Shorebank was the first microfinance and community
development bank founded 1974 in Chicago .

An economical historian at Yale named Timothy Guinnane has been doing some research on
Friedrich Wilhelm Raiffeisen´s village bank movement in Germany which started in 1864 an
by the year 1901 the bank had reached 2million rural farmers. Timothy Guinnane means that
already then it was proved that microcredit could pass the two tests concerning peoples
paybackmoral and the possibility to provide the financial service to poor people.

Another organization, The caisse populaire movement grounded by Alphone and Dorimène
Desjardins in Quebec , was also concerned about the poverty, and passed those two tests.
Between 1900 to 1906 when they founded the first caisse, they passed a law governing them
in the Quebec assembly , they risked their private assets and must have been very sure about
the idea about microcredit.

Today the World Bank estimates that more than 16 million people are served by some 7000
microfinance institutions all over the world. CGAP experts means that about 500 million
families benefits from these small loans making new business possible. In a gathering at a
Microcredit Summit in Washington DC the goal was reaching 100 million of the world´s
poorest people by credits from the world leaders and major financial institutions.
The year 2005 was proclaimed as the International year of Microcredit by The Economic and
Social Council of the United Nations in a call for the financial and building sector to “fuel”
the strong entrepreneurial spirit of the poor people around the world.

The International year of Microcredit consists of five goals:

• Assess and promote the contribution of microfinance to the MFIs

• Make microfinance more visible for public awareness und understanding as a very important
part of the development situation

• The promotion should be inclusive the financial sector

• Make a supporting system for sustainable access to financial services

• Support strategic partnerships by encouraging new partnerships and innovation to build and
expand the outreach and success of microfinance for all

The economics professor Mohammad Yunus and the founder of Grameen Bank were awarded
the Nobel Prize 2006 for his efforts. The press release from nobelprize.org states:

“The Norwegian Nobel Committee has decided to award the Nobel Peace Prize for 2006,
divided into two equal parts, to Muhammad Yunus and Grameen Bank for their efforts to
create economic and social development from below. Lasting peace can not be achieved
unless large population groups find ways in which to break out of poverty. Micro-credit is one
such means. Development from below also serves to advance democracy and human rights.
Muhammad Yunus has shown himself to be a leader who has managed to translate visions
into practical action for the benefit of millions of people, not only in Bangladesh , but also in
many other countries. Loans to poor people without any financial security had appeared to be
an impossible idea. From modest beginnings three decades ago, Yunus has, first and foremost
through Grameen Bank, developed micro-credit into an ever more important instrument in the
struggle against poverty. Grameen Bank has been a source of ideas and models for the many
institutions in the field of micro-credit that have sprung up around the world.
Every single individual on earth has both the potential and the right to live a decent life.
Across cultures and civilizations, Yunus and Grameen Bank have shown that even the poorest
of the poor can work to bring about their own development.
Micro-credit has proved to be an important liberating force in societies where women in
particular have to struggle against repressive social and economic conditions. Economic
growth and political democracy can not achieve their full potential unless the female half of
humanity participates on an equal footing with the male.
Yunus’s long-term vision is to eliminate poverty in the world. That vision can not be realised
by means of micro-credit alone. But Muhammad Yunus and Grameen Bank have shown that,
in the continuing efforts to achieve it, micro-credit must play a major part.”

This article examines the historical context of

microfinance and its evolution.

The concept of microfinance is not new.

Savings and credit groups that have operated
for centuries include the "susus" of Ghana,
"chit funds" in India, "tandas" in Mexico,
"arisan" in Indonesia, "cheetu" in Sri Lanka,
"tontines" in West Africa, and "pasanaku" in
Bolivia, as well as numerous savings clubs and burial societies found all over the world.

Formal credit and savings institutions for the poor have also been around for decades,
providing customers who were traditionally neglected by commercial banks a way to obtain
financial services through cooperatives and development finance institutions. One of the
earlier and longer-lived micro credit organizations providing small loans to rural poor with no
collateral was the Irish Loan Fund system, initiated in the early 1700s by the author and
nationalist Jonathan Swift. Swift's idea began slowly but by the 1840s had become a
widespread institution of about 300 funds all over Ireland. Their principal purpose was
making small loans with interest for short periods. At their peak they were making loans to
20% of all Irish households annually.

In the 1800s, various types of larger and more formal savings and credit institutions began to
emerge in Europe, organized primarily among the rural and urban poor. These institutions
were known as People's Banks, Credit Unions, and Savings and Credit Co-operatives.
 The concept of the credit union was developed by Friedrich
Formal credit and
Wilhelm Raiffeisen and his supporters. Their altruistic action was
savings institutions for
motivated by concern to assist the rural population to break out of
the poor have been
their dependence on moneylenders and to improve their welfare.
around for decades,
From 1870, the unions expanded rapidly over a large sector of the
providing customers
Rhine Province and other regions of the German States. The
who were traditionally
cooperative movement quickly spread to other countries in Europe
neglected by
and North America, and eventually, supported by the cooperative
commercial banks a
movement in developed countries and donors, also to developing
way to obtain financial
countries.
services through
cooperatives and In Indonesia, the Indonesian People's Credit Banks (BPR) or The
development finance Bank Perkreditan Rakyat opened in 1895. The BPR became the
institutions. largest microfinance system in Indonesia with close to 9,000 units.

In the early 1900s, various adaptations of these models began to

appear in parts of rural Latin America. While the goal of such rural finance interventions was
usually defined in terms of modernizing the agricultural sector, they usually had two specific
objectives: increased commercialization of the rural sector, by mobilizing "idle" savings and
increasing investment through credit, and reducing oppressive feudal relations that were
enforced through indebtedness. In most cases, these new banks for the poor were not owned
by the poor themselves, as they had been in Europe, but by government agencies or private
banks. Over the years, these institutions became inefficient and at times, abusive.

Between the 1950s and 1970s, governments and donors focused on providing agricultural
credit to small and marginal farmers, in hopes of raising productivity and incomes. These
efforts to expand access to agricultural credit emphasized supply-led government
interventions in the form of targeted credit through state-owned development finance
institutions, or farmers' cooperatives in some cases, that received concessional loans and on-
lent to customers at below-market interest rates. These subsidized schemes were rarely
successful. Rural development banks suffered massive erosion of their capital base due to
subsidized lending rates and poor repayment discipline and the funds did not always reach the
poor, often ending up concentrated in the hands of better-off farmers.
Meanwhile, starting in the 1970s, experimental programs in Bangladesh, Brazil, and a few
other countries extended tiny loans to groups of poor women to invest in micro-businesses.
This type of microenterprise credit was based on solidarity group lending in which every
member of a group guaranteed the repayment of all members. These "microenterprise
lending" programs had an almost exclusive focus on credit for income generating activities (in
some cases accompanied by forced savings schemes) targeting very poor (often women)
borrowers.

• ACCION International, an early pioneer, was founded by a law student, Joseph

Blatchford, to address poverty in Latin America's cities. Begun as a student-run volunteer
effort in the shantytowns of Caracas with $90,000 raised from private companies, ACCION
today is one of the premier microfinance organizations in the world, with a network of
lending partners that spans Latin America, the United States and Africa.

• SEWA Bank. In 1972 the Self Employed

Women's Association (SEWA) was registered
as a trade union in Gujarat (India), with the
main objective of "strengthening its members'
bargaining power to improve income,
employment and access to social security." In
1973, to address their lack of access to
financial services, the members of SEWA
decided to found "a bank of their own". Four thousand women contributed share capital to
establish the Mahila SEWA Co-operative Bank. Since then it has been providing banking
services to poor, illiterate, self-employed women and has become a viable financial venture
with today around 30,000 active clients.

• Grameen Bank. In Bangladesh, Professor Muhammad Yunus addressed the banking

problem faced by the poor through a programme of action-research. With his graduate
students in Chittagong University in 1976, he designed an experimental credit programme to
serve them. It spread rapidly to hundreds of villages. Through a special relationship with rural
banks, he disbursed and recovered thousands of loans, but the bankers refused to take over the
project at the end of the pilot phase. They feared it was too expensive and risky in spite of his
success. Eventually, through the support of donors, the Grameen Bank was founded in 1983
and now serves more than 4 million borrowers. The initial success of Grameen Bank also
stimulated the establishment of several other giant microfinance institutions like BRAC, ASA,
Proshika, etc.

Through the 1980s, the policy of targeted, subsidized rural credit came under a slow but
increasing attack as evidence mounted of the disappointing performance of directed credit
programs, especially poor loan recovery, high administrative costs, agricultural development
bank insolvency, and accrual of a disproportionate share of the benefits of subsidized credit to
larger farmers. The basic tenets underlying the traditional directed credit approach were
debunked and supplanted by a new school of thought called the "financial systems approach",
which viewed credit not as a productive input necessary for agricultural development but as
just one type of financial service that should be freely priced to guarantee its permanent
supply and eliminate rationing. The financial systems school held that the emphasis on
interest rate ceilings and credit subsidies retarded the development of financial intermediaries,
discouraged intermediation between savers and investors, and benefited larger scale producers
more than small scale, low-income producers.

Meanwhile, microcredit programs throughout the world improved upon the original
methodologies and defied conventional wisdom about financing the poor. First, they showed
that poor people, especially women, had excellent repayment rates among the better
programs, rates that were better than the formal financial sectors of most developing
countries. Second, the poor were willing and able to pay interest rates that allowed
microfinance institutions (MFIs) to cover their costs.

1990s These two features - high repayment and cost-recovery interest rates - permitted some
MFIs to achieve long-term sustainability and reach large numbers of clients.

Another flagship of the microfinance movement is the village banking unit system of the
Bank Rakyat Indonesia (BRI), the largest microfinance institution in developing countries.
This state-owned bank serves about 22 million microsavers with autonomously managed
microbanks. The microbanks of BRI are the product of a successful transformation by the
state of a state-owned agricultural bank during the mid-1980s.

The 1990s saw growing enthusiasm for promoting microfinance as a strategy for poverty
alleviation. The microfinance sector blossomed in many countries, leading to multiple
financial services firms serving the needs of microentrepreneurs and poor households. These
gains, however, tended to concentrate in urban and densely populated rural areas.

It was not until the mid-1990s that the term "microcredit" began
The 1990s saw growing
to be replaced by a new term that included not only credit, but
enthusiasm for
also savings and other financial services. "Microfinance"
promoting microfinance
emerged as the term of choice to refer to a range of financial
as a strategy for poverty
services to the poor, that included not only credit, but also
alleviation. The
savings and other services such as insurance and money
microfinance sector
transfers.
blossomed in many
countries, leading to ACCION helped found BancoSol in 1992, the first commercial
multiple financial bank in the world dedicated solely to microfinance. Today,
services firms serving BancoSol offers its more than 70,000 clients an impressive range
the needs of of financial services including savings accounts, credit cards and
microentrepreneurs and housing loans - products that just five years ago were only
poor households. accessible to Bolivia's upper classes. BancoSol is no longer
unique: more than 15 ACCION-affiliated organizations are now
regulated financial institutions.

Today, practitioners and donors are increasingly focusing on expanded financial services to
the poor in frontier markets and on the integration of microfinance in financial systems
development. The recent introduction by some donors of the financial systems approach in
microfinance - which emphasizes favorable policy environment and institution-building - has
improved the overall effectiveness of microfinance interventions. But numerous challenges
remain, especially in rural and agricultural finance and other frontier markets. Today, the
microfinance industry and the greater development community share the view that permanent
poverty reduction requires addressing the multiple dimensions of poverty. For the
international community, this means reaching specific Millennium Development Goals
(MDGs) in education, women's empowerment, and health, among others. For microfinance,
this means viewing microfinance as an essential element in any country's financial system.

Examples of Recent Innovations in Financial Services for the Poor:

1. CCACN (Central de Cooperativas de Ahorro y Crédito Financieras de Nicaragua) is
marketing its "Agriculture Salary" savings product to farmers. The goal of the product is
to smooth the flow of income from the proceeds of an annual or semi-annual harvest. Each
credit union works with its farmers to identify their individual expenses and determine a
monthly "salary" (portion of harvest proceeds on deposit combined with an above-market
interest rate) to be withdrawn from the credit union. In its infancy stage, the credit unions
have noted an interest from agriculture-based clients in such a savings management program.
Source: WOCCU: A Technical Guide to Rural- Finance Exploring Products. WOCCU
Technical Guide # 3, December 2003.

2. Caja los Andes in Bolivia offers four loan repayment options that fit the cash flow of
various agricultural activities, including an end-of-term payment for both principal and
interest that fits single crop activities, and unequal payments at irregular intervals for farmers
that have planted several crops with different harvesting periods. Flexibility is also provided
in loan disbursements, and farmers can receive the sanctioned loan amount in as many as
three installments.

3. Prodem in Bolivia has introduced a combination of biometric fingerprint and Smart Cards
to deliver financial services to its clients. Biometric technology measures an individual's
unique physical or behavioral characteristics, such as fingerprints, facial characteristics, voice
pattern, and gait, to recognize and confirm identity. Although the technology is still new,
growing awareness of the importance of data security is increasing adoption steadily.
Prodem's fingerprint verification has reduced fraud, error, and repudiation of transactions.
Staff had not had to deal with forgotten PIN numbers or unauthorized use of cards and
accounts so they have more time to provide personal service and advice to clients.

4. International Remittance Network (IRnet): In late 1999, WOCCU, in partnership with

Vigo, a money transfer firm, launched IRnet. As of June 2003, 173 credit unions in Central
America offer IRnet, expanding the possibilities for sending remittances through 800 US
credit union points of service. The Central American credit unions distribute remittances
primarily to rural clients. The distributing credit unions help to integrate remittance recipients
into the formal financial sector through trained staff who cross-sell services. When a non-
member enters a credit union to pick up a remittance, a staff person encourages this person to
become a credit union member and save a portion of the remittance in an interest-bearing
voluntary savings account. Source: WOCCU: A Technical Guide to Rural- Finance Exploring
Products. WOCCU Technical Guide # 3,
December 2003.

5. Unibanka (Latvia): Prior to introducing

credit scoring, Unibanka, a commercial bank,
viewed microfinance loans as too costly to
deliver. With the assistance of Bannock
Consulting, Unibanka instituted a credit-
scoring system based on qualitative client data
because sufficient quantitative data was not
available to develop a statistical model.
Branch staff now uses scorecards to evaluate microfinance loan applications quickly, which
has reduced the cost of review and made microfinance lending profitable for Unibanka.
Source: CGAP IT INNOVATION SERIES: Credit Scoring.

6. Managed ASCAs: A number of local organisations in the Nyeri District of Kenya provide
management services to group-based loan funds. The groups operate as Accumulating
Savings and Credit Associations (ASCAs) and receive management services provided by
ASCA Management Agencies (AMAs). The AMA model serves a wider client base than the
mainstream donor funded MFIs who tend to focus their attention on micro and small
entrepreneurs. The clientele of AMAs are also drawn from other socio-economic strata,
including salaried workers such as nurses, teachers and civil servants as well as subsistence
and semi-commercial farmers. Hence their reach into the rural areas is much greater than the
MFIs. Source: Nthenya Mule, Susan Johnson, Robert Hickson. Wambui Mwangi. The
Managed ASCA Model: Innovation in Kenya's Microfinance Industry. Micro-Save Africa.
2001.

7. ICICI Bank (India): Two state banks in India (Corporation and Canara) partnered with an
NGO to provide salaried low-income workers with access to savings. The project uses the
already established automatic teller machines (ATMs) in the factories to offer a recurring
savings product, along with education on personal finance. Source: CGAP.

8. Microenterprise Access to Banking Services (MABS) in the Philippines nurtures the

expanded use of the credit bureau by rural banks, which was started in 2001 to minimize
client over indebtedness and defaults. MABS has helped to integrate the rural banks'
microenterprise loan clients into an existing national credit bureau, by creating an e-mail
encryption program that allows rural banks to share information electronically at a low cost.
Source: Anita Campion and John Owens, MABS: A Sustainable Approach to Rural
Microfinance, Microbanking Bulletin, July 2003.

9. BASIX in India reduced transportation and transaction costs for its clients and decreased
staff expenses by establishing tellers in manned phone booths operating in India. The
company operating the phone booths receives a service fee and phone booth operators are
being trained in basic collection operations and accounting. BASIX is currently redesigning
the project after the pilot and preparing it for relaunching. Source: CGAP.

10. Credit, life, and funeral insurance: A WOCCU study on savings and credit cooperatives
(SACCOs) in Kenya indicates that HIV/AIDS poses high levels of risk to rural finance
institution soundness. The Cooperative Insurance Company (CIC), a professional insurance
provider, insures over half of Kenya's more than one million credit union members who
subscribe to policies through their credit unions. Source: WOCCU: A Technical Guide to
Rural- Finance Exploring Products. WOCCU Technical Guide # 3, December 2003.

11. The National Microfinance Bank in Tanzania (NMB) was created to retain the
extensive rural branch network of the National Bank of Commerce (NBC) when it was
privatized in 1997. The key to making it commercially viable has been rigorous control of
costs through drastic simplification of the business model and tight managerial oversight. Key
initiatives have been correct pricing of products, particularly payments and remittance
services, which had traditionally been cross-subsidized by other product lines, and the
development of microfinance products, mainly small (average US $400) individual loans.
Source: Rural financial services: Implementing the bank's strategy to reach the rural poor
(Work in Progress). Rural Private Sector, Markets, Finance and Infrastructure Thematic
Group. Rural Sector Board, The World Bank. Washington, D.C. March 2003.

12. ADOPEM (Dominican Republic) thoroughly evaluated its PDA (Personal Digital
Assistants) program and recorded dramatic improvements. Client retention improved
significantly, and the number of days between application and disbursement dropped from
five days to two days. Expenses for paperwork dropped by 60% and data entry expenses
dropped by 50%. Loan officer caseloads and other productivity measures increased by about
35%. Source: Charles Waterfield, with CGAP and echange LLC Staff, "Personal Digital
Assistants, (PDAs)," CGAP IT Innovation Series. Washington, D.C.: CGAP, October 2003.

13. The international NGO Technoserve has

developed an inventory credit scheme in
Ghana that enables farmers' groups to obtain
higher value for their crops by providing post-
harvest credit through linkage with a rural
financial institution. Instead of selling all of
their crop at harvest - when prices are lowest -
in order to meet cash needs, small-scale
farmers in the scheme store their crop in a
cooperatively-managed warehouse and receive a loan of about 75-80% of the value of the
stored crop, which serves as collateral. This loan permits them to clear their accumulated
debts and satisfy immediate cash requirements. Then, when prices have risen in the off-
season, the farmers either sell the stored crop or redeem it for home consumption. Source:
Rural financial services: Implementing the bank's strategy to reach the rural poor (Work in
Progress). Rural Private Sector, Markets, Finance and Infrastructure Thematic Group. Rural
Sector Board, The World Bank. Washington, D.C. March 2003.

14. Savings-based, Agriculture-oriented Rural Credit Unions - SICREDI - Brazil

specializes in agricultural lending, primarily for the production of rice, wheat, beef, fodder,
fish, vegetables and for agricultural equipment. Loan approvals are based upon the members'
savings history and credit record, with the size limited to 50 percent of production costs and
dependent upon the potential return of crop sale at harvest as well as household income and
debt obligations. The borrower makes monthly interest payments and then a balloon payment
of the principal at harvest time. In addition, SICREDI participates in the PROAGRO national
crop insurance, for which a premium is added on the loan rate. PROAGRO pays 100% of the
loan loss if the crop fails. Source: WOCCU: A Technical Guide to Rural- Finance Exploring
Products. WOCCU Technical Guide # 3, December 2003.

15. Producer Associations as Clients of a Financial Institution: GAPI and CLUSA in

Mozambique: GAPI offers investment and working capital loans to fora (federations of
associations) of small farmers and small and micro-enterprises. GAPI collaborates with
CLUSA to set-up and register these fora. Loans are secured through a solidarity group-like
guarantee between the participating fora. Each forum on-lends to its member associations,
who collect the produce from their individual members and other area farmers and deliver it
to the forum in return for the loan. About 80% of the profits from the sale of produce are
handed back to the associations - the remaining 20% of the profits are kept by the forum as
interest payments. Source: Pearce, Douglas. "Buyer and Supplier Credit to Farmers: Do
Donors Have a Role to Play?" prepared for Paving the Way Forward for Rural Finance: An
International Conference on Best Practices, held June 2-4, 2003.

16. In South Africa, a network of 8,000 armored trucks equipped with thumbprint
recognition and smart-card technology deliver pension payments of about $60 each month to
4.5 million South Africans. The potential of this vast infrastructure to offer pensioners other
kinds of financial services is tremendous. Source: CGAP Donor Brief No. 17: How Donors
Can Help Build Pro-poor Financial Systems, by Brigit Helms and Ruth Goodwin-Groen, with
input from CGAP staff, February 2004.

17. Banco Postal in Brazil, a joint venture between the Post Office and the largest private
bank (Bradesco) has offered banking (and payment) services through its network of postal
branches in remote and poor areas of the country since March 2002. Source: World Bank.

Tanzania Posts Corporation mini-buses offer passenger service along domestic regional
routes. Postal outlets have become one-stop service centers that provide photocopying,
telephone and money transfer services. They also sell stationery and newspaper and act as
agents for others by accepting newspaper advertisements, selling lottery tickets, revenue
stamps for radio stations, and tickets for boats between Dar es Salaam and Zanzibar. Source:
International Trade Forum, Issue 4/2002, Page 30.

18. Equity Building Society (EBS) in Kenya has emerged as one of Kenya's leading
microfinance institutions, with over 155,000 savings clients and 41,000 borrowers. Once
insolvent, EBS transformed itself into a profitable financial-service provider by rigorously
focusing on the needs of its clients - in particular, by developing a wide range of market-based
financial products and services, including a mobile banking service. Source: CGAP Case
Studies In Donor Good Practices No. 8. Donors As Silent Partners in MFI Product
Development: MicroSave-Africa and Equity Building Society in Kenya. July 2003.
Contributed by CGAP. Prepared for CGAP UNCDF Donor Training, "The New Vision of
Microfinance: Financial Services for the Poor."

CRISIL List of Top 50 Microfinance Institutions in India by Loan Amount Outstanding

for 2009-10

1. SKS Microfinance Ltd (SKSMPL)

2 Spandana Sphoorty Financial Ltd (SSFL)
3 Share Microfin Limited (SML)
4 Asmitha Microfin Ltd (AML)
5 Shri Kshetra Dharmasthala Rural Development Project(SKDRDP)
6 Bhartiya Samruddhi Finance Limited (BSFL)
7 Bandhan Society
8 Cashpor Micro Credit (CMC)
9 Grama Vidiyal Micro Finance Pvt Ltd (GVMFL)
10 Grameen FinancialServices Pvt Ltd (GFSPL)
11 Madura Micro Finance Ltd (MMFL)
12 BSS Microfinance Bangalore Pvt Ltd (BMPL)
13 Equitas Micro Finance India P Ltd (Equitas)
14 Bandhan Financial Services Pvt Ltd (BFSPL)
15 Sarvodaya Nano Finance Ltd (SNFL)
16 BWDA Finance Limited (BFL)
17 Ujjivan FinancialServices Pvt Ltd (UFSPL)
18 Future Financial Services ChittoorLtd (FFSL)
19 ESAF Microfinance & Investments Pvt. Ltd (EMFIL)
20 S.M.I.L.E Microfinance Limited
21 SWAWS Credit Corporation India Pvt Ltd (SCCI)
22 Sanghamithra Rural Financial Services (SRFS)
23 Saadhana Microfin
24 Gram Utthan Kendrapara,
25 Rashtriya Seva Samithi (RASS)
26 Sahara Utsarga Welfare Society (SUWS)
27 Sonata Finance Pvt Ltd (Sonata)
28 Rashtriya Gramin Vikas Nidhi
29 Arohan Financial Services Ltd (AFSL)
30 Janalakshmi Financial Services Pvt Ltd (JFSPL)
31 Annapurna Financial Services Pvt Ltd
32 Hand in Hand (HiH)
33 Payakaraopeta Women’s Mutually Aided Co-operative Thrift and Credit Society
(PWMACTS)
34 Aadarsha Welfare Society(AWS)
35 Adhikar
36 Village Financial Services Pvt Ltd (VFSPL)
37 Sahara Uttarayan
38 RORES Micro Entrepreneur Development Trust(RMEDT)
39 Centre for Rural Social Action (CReSA)
40 Indur Intideepam Federation Ltd (IIMF)
41 Welfare Organisation for Multipurpose Mass Awareness Network (WOMAN)
42 Pragathi Mutually Aided Cooperative Credit and Marketing Federation Ltd(PMACS)
43 Indian Association for Savings and Credit(IASC)
44 Sewa Mutually Aided Cooperative Thrift Societies Federation Ltd (Sewa)
45 Initiatives for Development Bangalore, Foundation (IDF)
46 Gandhi Smaraka Grama Seva Kendram (GSGSK)
47 Swayamshree Micro Credit Services (SMCS)
48 ASOMI
49 Janodaya Trust
50 Community Development Centre (CDC