India: SKS Microfinance hopes to increase customer base; offers mobile phone loans
By Vaibhav Aggarwal, Rupee Times
SKS Microfinance, has announced that it plans to increase the volume of loans it offers to customers to buy mobile phones. In addition to it, the NBFC would strenghten its ties with Sangam kiarana stores.
The company which offers loans to buy cheap and affordable mobile phones with easy repayment options plans to add 5.5 lakh more customers this fiscal. The company has so far given loans for 2.8 lakh mobile phones.
In addition to the above the company also plans to disburse loans to 15,000 Sangam kirana stores, from existing 14,742 stores. The loans would enable the kirana store owners to buy from wholesale and sell in their kirana stores. SKS Microfinance has also tied up with Metro Cash and Carry to assist the stores to increase their business volume and have sufficient working capital.
The NBFC has seen a reduction in its customer base, which went down from 77.2 lakh to 53.5 lakh in the last quarter of FY12. The company’s MD, and CEO Mr. MR Rao stated, “On the business front, consolidation of customer base, cross-selling initiatives and diversification have been the key focus areas.”