SWADHAAR

Background: Swadhaar FinAccess was founded by Veena Mankar and Haseen Vahanvaty. Swadhaar is a young microfinance institution (MFI) focused on providing microfinance services to the urban poor. It is headquartered in Mumbai, India, and commenced operations, with assistance from Friends of Women’s World Banking, in Kherwadi, Bandra East, in March 2006. At present, Swadhaar is registered as a nonprofit company under Section 25 of the Indian Companies Act of 1956. Swadhaar’s mission is to make available regular, reliable, and efficient financial services to the urban poor in a sustainable and scaleable manner so as to assist the poor in building their own capacity to cross the poverty line and meet aspirations for a better and more secure future.

Leadership: Swadhaar FinAccess was co-founded by CEO Veena Mankar and Haseen Vahanvaty. Mankar has more than 30 years of experience in the banking and financial sector, while Vahanvaty has more than 25 years of experience in the social sector, including working with poor communities to eradicate hunger under the Hunger Project.

We formed Swadhaar to bring opportunity and hope to the hardworking poor people of Mumbai trapped in poverty. A strategic partnership with Unitus and microfinance expertise from ACCION will move us much closer to our goal of providing financial services to 195,000 clients by 2011.

Product offerings and clientele: Swadhaar provides microfinance products to clients in and around Mumbai, India. Their target clients are almost entirely those living in urban areas, which is particularly exciting because of the high density of underserved poor in those areas. Historically, the urban poor have been chronically underserved by microfinance institutions in India. Swadhaar is hoping to change that.

Highlights and growth strategy: Swadhaar commenced operations in March 2006. In the next fiscal year (through March 2007), Swadhaar hopes to open two more branches. By the end of 2011, Swadhaar has the visionary plan of giving 195,000 clients access to microfinance services. Unitus is excited to partner with Swadhaar as they enter into the field of microfinance. Even as a recent startup, Swadhaar already boasts an impressive pilot project history, a strong management information system, and the willingness to invest in the technology and professional expertise that will make their institution a success. Swadhaar will also work with ACCION International, through the Unitus-ACCION Alliance for India, to build its technical capacity as it grows.