MIMO
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Website: www.mimofin.com
Background: Mimo Finance (Mimo) is a microfinance institution focused on an underserved region where 42% of the population lives below the poverty line. Mimo is working to lower this number by providing financial services to those that would not otherwise have access to banking services in this predominantly urban area. Going forward, they are looking to innovate and provide multiple products through their distribution channels.
Leadership: Manab Chakraborty is skilled in project/program administration, financial management, HR management, project monitoring and evaluation, organizational development and team building. Initially, his career focused on livelihood generation, micro-enterprise, and natural resource management activities primarily in Asia and Africa. He has worked in over 30 countries as an UN civil servant, consultant to international agencies, and national governments. He holds postgraduate degrees in business management from Kellogg/HKUST, environmental economics from University College London, and rural development from Institute of Social Studies, Holland.
Product offerings and clientele: Mimo is currently focused on a standard loan product. They are looking to provide multiple financial products including remittances, savings, housing loans and equity for micro enterprises. It will use innovative models to deliver these services, including mobile devices, partnership/franchisee models and will look to leverage technology to improve efficiency, productivity and reach. Mimo recently launched a home improvement project where the client uses the loan to add rooms to an existing home. Mimo is also looking to provide need based products and services that would meet the specific needs of their clients throughout their lifecycle.
Highlights and growth strategy: Mimo is currently providing services through 7 branches and they are focused on the semi-urban areas surrounding New Delhi. Their well developed operations and recruitment process allows them to hire and train field officers and branch managers quickly, while maintaining high retention rates. Mimo is well connected in their community and is creating partnerships between the local schools and with other social entrepreneurs.
Mimo profiles: In August 2008, Unitus President Ed Bland traveled to the northern Indian state of Uttarakhand for a field visit with Mimo. Following are his observations on this dynamic, fast-growing MFI in a region where economic hope and opportunity are urgently needed.
