Oikocredit Equity partner Avanti wins prestigious Indian award
Oikocredit’s equity partner Avanti Finance has received the coveted Fintech Innovation for Financial Inclusion Award as part of the Inclusive Finance India Awards.
The Grand Jury of the Inclusive Finance India Awards 2022 has recognised the work of Avanti Finance, a fintech equity partner of Oikocredit, with the Fintech Innovation for Financial Inclusion Award. Avanti received the award for its contribution to making financial services affordable and accessible for underserved clients, for cost-efficient and scalable innovation, and for promoting good governance. The award jury also commended Oikocredit’s fintech equity partner for its onboarding of ‘new to credit’ clients in the last financial year.
Avanti received its award at a high-profile ceremony in New Delhi on 17 January 2023. Anantha Nageswaran, Chief Economic Advisor to the Government of India, and Hitendra Dave, CEO of HSBC India, made the presentation.
The Inclusive Finance India Awards aim to celebrate and encourage models and organisations contributing to financial inclusion, including those that enhance access to financial services for low-income groups. The awards honour contributions to India’s financial inclusion sector of thought leaders, practitioners, policymakers, promoters and researchers. Previous recipients include Avanti Finance’s co-founder Nandan Nilekani, former governor of the Reserve Bank of India Dr C. Rangarajan, microfinance veteran Professor Malcom Harper, and economist and founder of Grameen Bank Professor Muhammad Yunus.
Avanti works with community- and locally based partner organisations in 22 states across India. It offers loan products focused on livelihood sustainability and with special attention to women's economic empowerment. More than 75% of Avanti’s beneficiaries are women.
Oikocredit, along with the Bill & Melinda Gates Foundation and Nomura, led a US $26 million Series A funding round investment in Avanti in 2021. Avanti has used the funds to develop its digital tech platform and expand its cashless approach to help reach unbanked people across India. Its vision is to empower 100 million Indian households.
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