SKS
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Website: www.sksindia.com
Background: Since launching its operations in June 1998, Swayam Krishi Sangam (SKS) has served some of the poorest women from the lowest-caste families in southeastern India’s Deccan Plateau region.
Leadership: SKS is led by its founder and CEO, Vikram Akula. In 2006, Vikram was named one of Time magazine’s top 100 most influential people.
Product offerings and clientele: SKS’s diverse financial products, such as emergency and income-generating loans, help their clients become self-reliant and improve the standard of living for themselves and their families. Clients of SKS most often use their loans for animal husbandry and trading businesses.
Highlights and growth strategy: SKS boasts an impressive history of growth, reaching more than 225,000 clients in 7 years. More recently, SKS has received global recognition for their leadership in the microfinance field. In February 2005 and January 2006, the Consultative Group to Assist the Poor (CGAP) awarded SKS an honorable mention for meeting stringent industry standards for transparency in financial reporting. In April 2005, SKS won the Fire Microfinance Process Excellence Award from PlaNet Finance India and ABN AMRO Bank, which recognized MFIs providing top-quality service to clients and exemplifying management best practice. In April 2006, SKS was the only MFI in India to be awarded a Continued Excellence Award from PlaNet Finance and ABN AMRO.
Meet an SKS client: Before joining SKS, Bayamma used to work as a seasonal agricultural laborer, earning only 32 cents per day. Using microcredit loans totaling less than $500, this mother of seven was able to start a successful business and release her son from bonded labor.
