Muthoot Microfin Limited, a leading microfinance institution in India, has been granted a corporate agent license by the Insurance Regulatory and Development Authority of India (IRDAI).
This significant development will enable Muthoot Microfin to offer customized insurance solutions to its extensive customer base, furthering its mission of financial inclusion.
With the new license, Muthoot Microfin can now provide a range of insurance products, including coverage for natural calamities, medical emergencies, and life insurance.
This initiative is aimed at enhancing the financial security of the most vulnerable segments of society by addressing their specific risks and needs.
Sadaf Sayeed, CEO of Muthoot Microfin, emphasized the strategic importance of this license, stating, “At Muthoot Microfin, we are always seeking new avenues to better serve our microfinance customers. This development with IRDAI empowers us to bridge the protection gap for our microfinance customers. We can utilize our network of 1,508 branches spread across 19 states to reach out to 3.35 million customers. This extensive reach can be achieved without any additional expenditure. It also provides us with the opportunity to earn additional revenue in the form of commissions, which will directly contribute to our bottom line and improve our ROAs.”
This development will provide Muthoot Microfin’s customers with access to affordable insurance coverage, encompassing health, life, and general insurance.
This effort underscores the company’s commitment to financial inclusion by offering a broad spectrum of financial products that safeguard customers’ well-being and help them achieve long-term objectives.
About Muthoot Microfin Limited
Muthoot Microfin Ltd. is a part of the Muthoot Pappachan Group (Muthoot Blue) and one of India’s leading listed microfinance institutions.
The company focuses on promoting entrepreneurship among women and fostering inclusive growth through microloans.
As of March 31, 2024, Muthoot Microfin served 33.5 lakh active customers through 1,508 branches across 19 states, with a Gross Loan Portfolio (GLP) of ₹12,193.5 crore.
