Moneybox Finance opens 4 new branches in Madhya Pradesh; Stock soars 2%

12 Jul 2022 , 03:16 PM

Moneyboxx Finance Limited has opened four new branches in Madhya Pradesh. Taking forward the commitment to widen its footprint and come closer to customers, the new branches in Madhya Pradesh will address the unmet credit needs of underserved micro-enterprises.

The company is also set to open a branch in Bhopal by the end of July 2022 and with that, it will have 12 branches in Madhya Pradesh. The move is in line with the company’s focus to tap potential regions and cater to unmet credit needs of customers from smaller cities and towns in India.

Until now, Moneyboxx has transformed the lives of more than 15,000 borrowers out of which about onethird were women entrepreneurs and one-third were first-time borrowers with cumulative disbursements of over Rs230 crore up to June’22.

Commenting on the recent branch expansion, Mayur Modi, Co-founder, Moneyboxx Finance Ltd said, “Expansion of branches in Madhya Pradesh is a testament to our commitment to provide credit services to the underserved section of borrowers in tier-3 markets. This is yet another step forward in furthering our reach and the commitment toward small businesses to enable financial inclusion.

As the markets in Madhya Pradesh continue witnessing rapid growth on the back of small businesses, we will help borrowers to avail of both secured and unsecured business loans and try to bridge the currently existing credit gap. We will continuously leverage our robust and highly scalable business model, powered by digital process and risk analytics, to expand our presence and financial inclusion drive.”

Moneyboxx has a total of 35-branch network in five states – Rajasthan, Punjab, Haryana, Madhya Pradesh, and Uttar Pradesh. The company plans to strengthen its presence and customer reach by doubling its branch network to 60 and building AUM of over INR 400 crores by FY23.

At around 3:15 PM, Moneyboxx Finance was trading at Rs144.95 per share higher by 2.01% on the BSE.