In a significant step towards enhancing financial inclusion, Jeevika Foundation, a dedicated section-8 NGO-MFI, has forged a strategic collaboration with Vitto, a pioneering fintech platform operated by Uthaan Technologies Pvt Ltd. This partnership aims to broaden the impact of microfinance in the Khordha district of Odisha, particularly in the realm of retail businesses and women’s group loans.
Jeevika Foundation, known for its commitment to fostering financial inclusion, currently extends retail business loans ranging from 10,000 to 70,000 in various loan cycles. Additionally, the foundation provides women’s group loans with ticket sizes ranging from 20,000 to 60,000. However, recognizing the evolving needs of the local businesses, Jeevika has taken a bold step to enhance its offerings.
With the collaboration with Vitto, Jeevika Foundation is now equipped to provide more substantial loans, ranging from 1 lakh to 10 lakhs, to retail businesses. Vitto’s fintech platform, backed by a network of diverse partners, serves as a conduit for delivering these larger financial solutions. This partnership not only expands Jeevika’s reach but also strengthens its ability to support Micro Small Enterprises (MSEs) in the region.
One of the key advantages of this collaboration is the infusion of technology into the customer onboarding process. Vitto’s technological expertise will streamline and enhance this crucial aspect, making it more efficient and accessible. By combining Vitto’s technological prowess with Jeevika’s on-the-ground experience and understanding, the collaboration aims to bridge the gap for micro small businesses that often remain underserved by traditional banking institutions.
In essence, the synergy between Jeevika Foundation and Vitto marks a pivotal moment in the journey towards financial inclusion. Together, they are poised to make a lasting impact on the microfinance landscape in Khordha district, empowering local businesses and contributing to the economic upliftment of the community.
