Many students from commerce background choose to have jobs in microfinance. MFI or Microfinance is a category of financial services targeted at individuals and small businesses that lack access to conventional banking and related services. Indian microfinance industry is important because it provides resources and access to capital to the financially underserved, such as those who are unable to get checking accounts, lines of credit, or loans from traditional banks.
Indian Market Size of MFI and its share in GDP
While talking about the marker size, it is obvious to know about the growth and Microfinance Industry in India recorded a growth of 51 per cent year-on-year in the second quarter of 2018-19 with total Gross Loan Portfolio (GLP) standing at INR 1,46,741 Crore. The MFI sector has also grown at rate of 23% CAGR in last ten years to reach INR 2.63 Lakh Crore ending March 2019. The industry of microfinance has no direct share in Indian GDP but it plays an important part in funding Micro, Small & Medium Enterprises (MSMEs). MSMEs contribute around 6.11% of the manufacturing GDP and 24.63% of the GDP from service activities.
Tentative number of Microfinance Companies in India and Employee Strength
In 2015, there were 155 MFIs with a branch network of 11,687. As of 2016, number of microfinance branches increased at 15% growth rate. And as of 2017, there were 223 MFIs that included NGO-run units and societies. Microfinance institutions help create jobs in the impoverished communities. According to The Bharat Finance Report 2017-18, MFI sector employs 89,785 Personnel, out of which 12% are women, and 60% are field staff. We are near the end of 2019-20 session and jobs in microfinance based on past 5 year tread should have grown to a decent number.
The number of Urban co-op banks (UCBs) operating in India has shrunk from 1,926 in 2005 to 1,551 by 2018. By end of FY18, UCBs managed INR 4.56 Lakh Crore in deposits, had advances of INR 2.80 Lakh Crore and managed total assets of INR 5.63 Lakh Crore.
Top 10 Microfinance Companies in India and MFI Hub
We at Gweka Consulting Services feel pride to share a list of top companies of MFI sector with job seekers like you. This list can boost your motivation to have finance job in one of these top 10 Microfinance Companies. We also share Hub of the respective sector with every blog and we have done same for the Microfinance sector as well. The hub location is where job seekers can expect to have huge no. of microfinance job vacancies. The major hub of Indian microfinance is the South-Indian state of Andhra Pradesh (AP).
Few Job Roles and average salary in Microfinance Industry
In this section, team GCS is providing all the job seekers a very helpful knowledge about the jobs in microfinance. Here, candidates can see few of the job roles of microfinance industry and the average annual salary of the outlined designation in the list in India. It doesn’t matter whether you are a fresher or have experience in of working in microfinance. Every soul looking for a microfinance job can apply directly from the table below.
|Job Roles / Designation||Average Salary||Click to Apply|
|State Head Jobs||11,90,000||APPLY NOW|
|Database Manager Jobs||13,48,000||APPLY NOW|
|Credit Analyst Jobs||7,80,000||APPLY NOW|
|Area Manager Jobs||9,95,000||APPLY NOW|
|Business Development Officer Jobs||6,00,000||APPLY NOW|
|Financial Analyst||4,00,000||APPLY NOW|
|Loan Officer||3,00,000||APPLY NOW|
Note: – Average Salaries are subjected to experience level and are in approximate amount.
Concept of Crowd Funding and How It Works in MFI Industry-
Act or practice of funding a project, social cause, or business venture by raising small and little amounts of money from large number of individual people or group, typically via internet, is known as Crowd Funding.
How it works?
It presents the idea to people inside and outside of your network and allowing them to contribute toward your fundraising goals online. Most of the crowds funding websites charge a fee for using their platform to bring money.
Top 5 peer-to-peer lending platforms in India
- Rang De (Rang De Jobs)
- Faircent (Faircent Jobs)
- Ketto (Ketto Jobs)
- Wishberry (Wishberry Jobs)
- FuelADream (FuelADream Jobs)
Latest in Microfinance
By using latest innovations of technology, Indian MFIs are moving forward to manage risk to ensure loan repayment. MFIs are using technology for disbursements, to identify locations of clients, loan origination, risk management and collection. The Indian microfinance industry grew 47.85% in Gross Loan Portfolio to reach INR 2.01 Lakh Crore in Q3 ended on September 30, 2019. It means the scope of jobs in microfinance is increasing and there will be a job snow in coming years.
Register today with Gweka Consulting Services to not miss any chance of getting a job in microfinance industry.