Washington, D.C., September 12th, 2019 – ESAF Small Finance Bank became the newest member of the SME Finance Forum, a global membership network that brings together financial institutions, technology companies, and development finance institutions to share knowledge, spur innovation, and promote the growth of SMEs.
“200 million businesses worldwide need financing to invest, grow and create new jobs. We are proud to have ESAF Small Finance Bank join our network of more than 150 members who work to expand access to finance for small and medium businesses,” said Matthew Gamser, CEO of the Forum.
ESAF Small Finance Bank was the first bank launched from the Indian state of Kerala since the country achieved independence in 1947. It is a new age social bank that seeks to redefine the banking experience for underbanked rural and semi-urban areas, although its bank maintains a presence in urban areas, as well.
“The objective of ESAF Small Finance Bank is to fight the partiality of prosperity through financially strengthening its customer base of 3.3 million people. Becoming a part of the SME Finance Forum will allow us to participate in advocacy for streamlining SME finances for our clientele and learn about the latest innovations in SME financing,” said George K John, Executive Vice President.
To see all SME Finance Forum members, please visit: https://www.smefinanceforum.org/members/member-list
About SME Finance Forum
The SME Finance Forum was established by the G20 Global Partnership for Financial Inclusion (GPFI) in 2012 as a knowledge center for data, research and best practice in promoting SME finance. As an implementing partner for the GPFI, the International Finance Corporation (IFC) was tasked with managing the initiative. In 2015, the SME Finance Forum partnered with CapitalPlus Exchange to expand and upgrade the former Small Business Banking Network.
About ESAF Small Finance Bank
Evangelical Social Action Forum (ESAF) was founded as a charitable society in 1992 under the visionary leadership of Mr. K Paul Thomas. ESAF received its banking license from the Reserve Bank of India and the bank was inaugurated on March 10, 2017. ESAF Small Finance Bank currently has over 3 million customers from across 15 States of India. Through effective technology adaptation, the bank has enhanced its reach to remote rural and vulnerable segments of India. The bank is the winner of several national and international awards, and one of the three finalists to the European Micro Finance Award 2018 (on the theme financial inclusion through technology).
Media Contact
Carina Carrasco
ccarrasco@worldbank.org
