Moneyboxx along with its partners planted 1,600 trees across Hisar, Kaithal and Naraingarh regions in Haryana
New Delhi: Moneyboxx Finance Limited – a BSE-listed NBFC that provides small-ticket business loans to micro and small enterprises in Tier-III cities and below, announced its commitment to support its Agri-preneurs borrowers in planting fruit-bearing trees which can substantially elevate their income.
As a part of this initiative, Moneyboxx along with its partners planted 1,600 trees across Hisar, Kaithal and Naraingarh regions in Haryana, in association with its execution partner Green Ananda.
The initiative has the potential to bring significant change in their borrowers’ income and will have a positive ecological impact in terms of improvement in soil and air quality, water augmentation, food security and sustainability, the company said.
Until now, Moneyboxx has transformed the lives of more than 35,000 borrowers with cumulative disbursements of over Rs. 270 crores up to August 2022. In terms of financial inclusion, about 40% of borrowers were women entrepreneurs and 40% were new-to-credit borrowers as of Jun’22, the company added.
Moneyboxx is identified as a new-age, tech-driven financial institution that is driving economic growth through transparent financing to underserved micro enterprises.
It strives to bring improvement in the lives of the underserved sections of society and to ensure the purpose of microfinancing is preserved, the company stays rooted by having a direct-to-customer approach which helps them to have a better understanding of the customer needs and high repeat business.
Medical support for cattle health, feedstock advice, and reproduction advice to the borrowers are provided by the company without any additional cost as a part of social responsibility. Apart from that, most of the employees are hired locally creating employment opportunities.
India has the highest population of cattle in the world and about 2/3 of the rural population depends on the dairy industry.
Deepak Aggarwal, Co-founder, Moneyboxx Finance Ltd. said, “To help our borrowers who are dairy farmers, we hire qualified vets in our branches as impact officers who advise borrowers on improving milk yield, feedstock selection, cattle health, reproduction through AI, and creating awareness about government schemes on cattle insurance, etc.”
“To further support our livestock borrowers who also have farmlands, we are blessed to contribute and actively work towards the cause by planting fruit-bearing trees as part of agroforestry initiative. We are committed to bring improvements in the overall environment through multiple such initiatives in the near future.”, he added.
Moneyboxx is committed to creating sustainable social impact by bringing in transformational change in the income of its borrowers, the company said.
“We are enabling a multi-fold increase in disposable income of our borrowers by providing credit for asset purchase, working capital and income generation purposes, thus creating a sustainable impact beyond just capital,” it added.
Beginning operations in February 2019, the company has a total of 43 branch networks in five states – Rajasthan, Punjab, Haryana, Madhya Pradesh, and Uttar Pradesh. The company plans to strengthen its presence and expand its customer reach by doubling its branch network to 60 and building an AUM of over Rs. 400 crores by FY23.
Moneyboxx provides unsecured and secured business loans ranging from Rs. 70,000 to Rs. 700,000 to individual borrowers for income generation purposes in essential and important segments (livestock, Kirana, traders as well as micro-manufacturers) in Tier-III and below places.
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