Helping Women Scale Up

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As a forward-looking fintech built on the back of innovation and technology for good, we are always focused on exploring new ways to help small businesses succeed.

Being a workplace that is replete with young minds, we always encourage our team members to come up with new ideas, especially the ones catering to the needs of aspirational women.

This time, it all started with an afternoon tea-time conversation on what else we can do as a brand to encourage women to start their own ventures or improve their financial knowledge.

This stimulating discussion led by our exuberant tech team gave us the idea for our next hackathon conducted last month.

The two conceptual ideas rolled out by our team can certainly help women become more literate financially, feel empowered, and further support other women, unleashing a positive domino effect in society.

The Need To Build A Community Of Women Aspirants

Team Genesys: Shalini, Abhishek, Rohit, Madhav and Ishita
Team Genesys: Shalini, Abhishek, Rohit, Madhav and Ishita

Our first team christened themselves as Team Genesys.

Realising that there’s a massive information gap about financial literacy that women face, which has stymied their professional growth, they came up with an idea to build an online closed-group community of women who can interact with each other and get exposed to verified information that can enhance their financial literacy. Such an online community will yield space for discussions and create a support system for all participants.

A social media platform where content remains the central tenet, will help such participants consume rich information on how they could start their own business, and teach them about the basics of managing expenses to save for their business aspirations, among other useful information.

FemFinance, a social media community for women and by women.

An App To Bolster Gig Workers

Team Nightwatchers: Nishant, Sopna, Deepak, Suraj and Satendra

The second team named Nightwatchers chanced upon a problem statement that is quite relatable to almost everyone who lives in a metropolitan city and faces hassles when searching for a house help.

Gig workers at large, especially women, face several challenges in accessing responsible finance given that they have irregular income streams, poor documentation, and lack of credit history that would allow them to seek loans from traditional financial institutions, including banks.

Our team came up with the concept of a mobile application that serves as an emergency loan platform targeting house owners who can onboard their domestic helpers on the platform and help them seek financial assistance.

A dashboard view of the impact a typical user can generate by onboarding domestic helpers.

As a team, we strongly believe in yielding enough mind space for our team members to lean on creative thinking and brainstorming beyond the usual office hours. Such collaborative efforts usually become the genesis of ideas that can certainly yield business results and in parallel also solve rich consumer problems. And in the case of our tech team who led these two ideas, they were rewarded with cash prizes and a lot of love from all of us.

Stay tuned for our next hackathon happening soon.

Driving Inclusive Financial Growth

Driving Inclusive Financial Growth

In a world constantly evolving through technological advancements and economic shifts, achieving inclusive financial growth remains an important goal. Arth’s financial services, leading the charge, serve as a beacon of hope in promoting financial inclusivity. As we go deeper into the core principles of our approach, it becomes evident that their commitment to providing comprehensive financial services is reshaping lives and communities.

At the heart of our financial services mission is the promotion of financial growth for all, irrespective of socio-economic backgrounds. In an era where traditional financial institutions often overlook some segments of the population, we have positioned ourselves as a catalyst for change. By leveraging innovative digital financial services, we ensure that no one is left behind on their journey towards economic well-being. 

Our commitment to inclusive financial growth extends beyond conventional offerings. The company understands that access to financial loans is a key driver for businesses. Our financial services have been strategically designed to meet the diverse needs of our clientele. Whether it’s a small business looking for working capital or an individual seeking personal financial assistance, we ensure that their doors are open to all. 

In an era dominated by technology, we recognize the transformative power of digitization in the financial sector. By embracing digital financial services, we not only enhance the efficiency of its operations but also make financial products more accessible to a wider audience. The seamless integration of technology ensures that financial services are not confined to urban centers but reach the farthest corners of the country.

Our financial services have emerged as a trailblazer in redefining the landscape of business financial services. Our approach goes beyond conventional banking, recognizing the unique challenges faced by businesses in their growth journey. We collaborate with enterprises to offer customized financial solutions, empowering them to thrive in today’s competitive environment. This commitment to supporting business financial services is a testament to our belief in the transformative impact that thriving businesses can have on communities.

As we navigate the complexities of the modern financial ecosystem, Arth stands out as a beacon of inclusivity and opportunity. 

Conclusion

Arth’s financial services have carved a niche for itself in the financial sector by championing inclusive financial growth. Through a combination of financial loans, business financial services, and a robust digital infrastructure, we are redefining the way people and businesses interact with the financial world. As the company continues to grow, it is not just expanding its footprint but also creating a ripple effect of positive change in the lives of small businesses.

How to start your business as an MSME

How to start your business as an MSME

In the landscape of today’s economy, MSMEs play a pivotal role in driving growth, fostering innovation, and generating employment opportunities. For aspiring entrepreneurs looking to enter the world of MSMEs, the journey can be both exhilarating and daunting. However, with the right approach and resources, venturing into the realm of MSMEs can lead to fulfilling entrepreneurial success.

In this blog, we will explore how to initiate your business as an MSME, focusing particularly on obtaining MSME loans for new ventures.

Understanding MSMEs

Before diving into the nitty-gritty of starting an MSME, it’s essential to grasp the concept of what MSMEs entail. MSMEs encompass a diverse range of enterprises, including micro, small, and medium-sized businesses, which contribute significantly to economic development, innovation, and job creation. These enterprises typically have distinct operational and financial characteristics, often requiring tailored support and financing solutions to thrive.

Securing MSME Loans

One of the foremost challenges encountered by aspiring MSME entrepreneurs is obtaining adequate financing to kickstart their ventures. MSME loans have emerged as a lifeline for many new businesses, providing the necessary capital infusion to fuel growth and sustain operations.

Navigating the MSME Financing Landscape

Navigating the MSME financing landscape requires a strategic approach and meticulous planning. As a budding entrepreneur, it’s imperative to conduct thorough research and identify reputable financial institutions offering MSME loans tailored to your business requirements. Platforms like Arth facilitate seamless access to financing options, streamlining the application process and expediting loan disbursement for aspiring MSMEs.

Crafting a Robust Business Plan

A robust business plan serves as the cornerstone of any successful MSME venture. It outlines your business objectives, target market, competitive landscape, and financial projections, providing a roadmap for sustainable growth and expansion. When seeking MSME loans for a new business, financial institutions often scrutinize the viability and feasibility of your business plan, emphasizing the importance of meticulous planning and strategic foresight.

Leveraging Technology and Innovation

In today’s digital age, leveraging technology and innovation can significantly enhance the competitiveness and sustainability of your MSME venture. Platforms like Arth offer innovative financial solutions tailored to the unique needs of MSMEs, empowering entrepreneurs to streamline operations, optimize resource allocation, and capitalize on emerging market trends.

Building a Strong Credit Profile

Establishing a strong credit profile is essential for securing MSME loans and fostering long-term financial stability. Timely repayment of existing debts, maintaining a healthy credit utilization ratio, and demonstrating a track record of responsible financial management can bolster your creditworthiness and enhance your eligibility for MSME financing.

Embracing Collaboration and Networking

Collaboration and networking play a pivotal role in the success of MSME ventures. Engaging with industry peers, participating in networking events, and forging strategic partnerships can open doors to new opportunities, foster knowledge sharing, and catalyze business growth.

Conclusion

Starting your business as an MSME entails careful planning, strategic decision-making, and unwavering determination. By leveraging MSME loans, embracing innovation, and fostering collaborative partnerships, aspiring entrepreneurs can navigate the intricacies of the MSME landscape and chart a course toward sustainable growth and prosperity. Arth is paving the way for accessible financing and innovative solutions and the future looks promising for MSMEs poised to make a meaningful impact on the domestic economy.

Supporting Women Entrepreneurs towards a better future

Supporting Women Entrepreneurs Blog Image

The days when women were confined to their homes are long behind. Today’s women excel in their roles at work, at home, and in society, as they overcome stereotypes and social conventions. Especially in the business world, present-day women are making significant progress, gaining prominence in leadership positions while carving the pathway for the upcoming generation of women to follow. As per the Ministry of Statistics and Programme Implementation, women make up around 14% of all entrepreneurs in India or 8.05 million out of the total 58.5 million entrepreneurs.

Whether it is electronic, automobile, technology, or e-commerce, modern-day women are making substantial contributions in practically all industries. Particularly in light of the steady advancements in the Indian startup scene, the share of women entrepreneurs is growing. They are actively taking over the primary industries and assuming leadership positions like never before.

Encouraging women’s entrepreneurship in India, the government has also stepped up and introduced WEP (Women Entrepreneurship Platform). WEP, in conjunction with NITI Aayog, aims to create a supportive environment for women entrepreneurs in India. Today’s independent women are becoming better business entrepreneurs and making major progress in every field they set foot in.

Factors promoting women’s entrepreneurship development in India

Educational advancement: Advanced education is one of the fundamental cornerstones supporting female entrepreneurs. Superior educational opportunities have enabled women to develop the crucial skills and mindset necessary to excel in the corporate sector. A growing number of women today are pursuing STEM (Science, Technology, Engineering, and Mathematics) related educational fields—once thought to be exclusively male-oriented—as a result of expanding corporate prospects. In addition to STEM fields, women are increasingly pursuing specialized management education in fields like international business, finance, logistics and supply chain, textiles, and so on. This trend has strengthened the pool of capable women entrepreneurs.

Changing social norms: The advancement of women entrepreneurship is significantly influenced by societal attitudes and cultural norms. Changes in defined gender roles and expectations have empowered women to pursue their professional aspirations. The implementation of supportive policies, such as flexible options like remote work and family-friendly initiatives, is playing a substantial role in enhancing the overall well-being of women entrepreneurs, allowing them to flourish in both personal and professional spheres. Moreover, gender-neutral work policies are playing a major part in boosting women’s entrepreneurship. The SEBI mandate, one of these ground-breaking efforts to enhance gender diversity at the highest levels, requires at least one female director to serve on the boards of all listed companies. 

Diversity and inclusion: As organizations in India enter a new era and recognize the potential of inclusive teams, diversity has become a need. There are now more opportunities available to women in the corporate sphere thanks to the increased emphasis on workplace diversity. As a result, women entrepreneurs have equal access to a variety of work environments, both domestic and foreign, helping them advance their knowledge and skills in their chosen fields.

Women entrepreneurs: Reshaping corporate arena

From the time when women were mostly in charge of household chores to the time when successful women entrepreneurs are predominating the corporate sector, the position of women has changed dramatically over time. This drastic shift demonstrates the power and possibilities of contemporary women.

It is reasonable to predict that the number of women-led organizations will increase in the future given the significant contributions that women are making in the world today. IBEF projects that during the next five years, the number of women-owned businesses will rise by 90%. Thus, this has the potential to significantly contribute to the nation’s growing economy.

How MSMEs will drive India towards a $5 trillion economy

How MSMEs will drive India towards a $5 trillion economy

Micro, Small, and Medium-Sized Enterprises (MSMEs) are the force that is driving the country’s economy towards its goal of becoming India $5 trillion economy. MSMEs are leveling geographic disparities and accelerating rural industrialization, which is vital given their role in creating jobs, particularly when combined with effective capital utilization. 

Technology is augmenting MSME capacities through the extraction of real-time insights from financial data, the creation of seamless connections between lenders and verified borrowers, and the facilitation of online commerce through social media. These digital connections promote deeper stakeholder cooperation in addition to improving operational efficiency. MSMEs aren’t just changing; they’re leading India’s historic leap towards its desired economic peak as they use these innovations to automate procedures and obtain relevant data.

Here’s a look at the factors that have aided the expansion and resurgence of the Indian MSME sector

Technology Revolutionising the Industry

MSMEs are now significantly at the forefront of India’s economic transformation towards becoming a $5 trillion economy, thanks to the pandemic-induced digital shift. Small firms showed their agility as they quickly moved online, making use of smartphones and internet access. MSME formalization has been accelerated by government measures, which are exemplified by a number of websites, further reinforcing this digital transition. These platforms, which promote transparency and simplify registration, perfectly capture the progress of the industry. There has been a paradigm shift in the way entrepreneurs rely on digital channels, witnessed by the different platforms. Thus, the adoption of digitalization by MSMEs not only enhances their creditworthiness but also highlights their crucial position in India’s economic story, paving the way for revolutionary expansion.

Extending the Assistance of the Government

Support from the government has played a crucial role in helping MSMEs advance and lead India’s economy to $5 trillion. Measures such as the expanded Emergency Credit Line Guarantee Scheme (ECLGS), the redesigned Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE) initiative, and the significant $2.14 billion financial allocation in Budget 2022 have eased liquidity constraints and strengthened the sector’s foundation in response to pandemic-related challenges. In addition, initiatives like the Entrepreneurship and Skill Development Programme (ESDP) and the Pradhan Mantri Employment Generation Programme (PMEGP) not only encourage an entrepreneurial mindset but also serve as catalysts for skill development and employment creation. By combining design, IPR, and incubation programs, the integrated MSME Innovative Scheme, increases assistance for MSMEs and positions them to realize their full potential as essential components of India’s ambitious economic plan.

Generating Large-Scale Employment

Indian MSME play an important role in turning the country into a trillion-dollar economy, counting on its vast labour base to optimize capital allocation. MSMEs are known for having effective labour-to-capital and output ratios when compared with their larger counterparts, so undoubtedly larger counterparts offer them an opportunity where they can walk the fine lines of wage also self-employment. Their presence in traditional clusters such as the handloom, industrial, and handicraft sectors improves local employment opportunities, enabling the rejuvenation of rural economies. Additionally, Indian MSME sector helps fight unemployment because they take up 70% share of jobs in the manufacturing sector and inject life into India’s economy. They do much more than just business; they are the foundation stone for India’s big dreams to achieve economic aspirations offering inclusive progress, thereby driving not only itself, but the entire nation forward towards its intended peak.

The Road to Economic Independence for India!

MSMEs play crucial roles and hold the Indian economy together, connecting various regions with its different industries. They occupy an important place in society not only because they can readily adjust to technological changes, but also simply due to ongoing government support. MSMEs represent more than just sources of livelihood; they are equalization agents, innovators, and regenerators of the regional ecosystem. As they keep on expanding and realizing their vast potential, not only do they contribute to India in attaining its $5 trillion economic milestone, but they also act as symbols of the country’s unshakable innovation strength and thorough advancement.

What’s next for small business loans? Predictions and trends in 2024

What’s next for small business loans? Predictions and trends in 2024

The evolution of Micro, Small, and Medium Enterprises (MSMEs) and their need for digital loans brings in a promising landscape of small business loans for the upcoming 2024. MSME loans attract a digital future for the technologically equipped market that integrates well with policy support.

Navigating the Digital Frontier

A continuous theme-based digital metamorphosis of small business loans and MSMEs will occur in 2024. From artificial intelligence to blockchain and the Internet of Things, these technologies are becoming essential tools in the toolkit for businesses seeking digital loans. This is a strategic attempt to streamline operational protocols and offer a seamless borrowing experience via the adoption of new gadgets.

The intersection of digital transformation and MSME loans could usher in a new era of lending, making the process more efficient and responsive to the needs of businesses.

Driving Financial Inclusion through MSME Loans

The sovereign state of small business loans specifically the governments and financial institutions are aligning their efforts in 2024 to bolster financial inclusion for MSMEs. Streamlining loan processes, enhancing financial literacy, and promoting alternative financings like peer-to-peer lending and microloans form the crux of this endeavor to democratize access to MSME loans. Thus, allowing small businesses access to working capital. 

Policy Support: Fortifying the MSME Loan Ecosystem

Comprehensive policy measures are essential for creating a strong ecosystem for small business loans. Financial aid, tax incentives, and capacity-building initiatives are all support mechanisms that aim to foster sustainable growth. The ultimate goal is to uplift these enterprises and make them key contributors to economic progress.

Rising from Adversity

While the road to recovery from the pandemic has been challenging, the resilience of the MSME sector stands out. Reports by industry bodies indicate a potential surge in the MSME loans sector, marking a significant rebound from the setbacks of recent times.

Yet, amidst these positive signals, projections also hint at challenges, particularly the projected increase in Gross NPAs within the MSME loans segment. It underscores the need for prudent lending practices and robust risk management strategies.

Interest Rates and Borrower Preferences

Aspiring entrepreneurs seeking small business loans in 2024 should brace themselves for prevailing high interest rates. 

Insights from a Forbes Advisor survey reveal evolving borrower preferences. Shorter loan terms of one to three years dominate, reflecting a desire for agility and flexibility in repayment schedules, aligning with the dynamic nature of business cycles.

The Path Forward

As 2024 unfolds, the narrative of small business loans intertwines with the journey of MSMEs embracing digital innovation. The synergy between technological evolution, inclusive policies, and adaptive borrower preferences lays the groundwork for a landscape where innovation thrives. Challenges persist, but the stage is set for MSMEs to emerge as pioneers of sustainable growth, fuelled by accessible and adaptable MSME loans that Arth provides.

A Comprehensive Guide to Micro Insurance Products for Small Business Owners

Micro insurance is designed primarily to safeguard low-income individuals by providing them with reasonably priced insurance policies providing them with a protective cover in times of uncertainty. An underserved segment of society is inevitably going to require insurance since they are more vulnerable to various risks, leaving them high and dry. Micro-insurance products therefore play a pivotal role in securing such vulnerable populations. Lately, financial service providers (FSP) have also started rolling out new-age micro-insurance products such as Credit Shield that help business owners get coverage for their loan repayments in case of loss of life or permanent disability. 

The significance of micro-insurance products in the ever-changing business environment of today cannot be emphasized enough. This extensive guide aims to shed light on the variety of micro-insurance choices available to small business owners and offers insightful information. The purpose of this guide is to educate the masses about the existing consumer-focused micro-insurance products

Micro Insurance for Small Businesses: An Understanding

When it comes to creating the global legal framework for micro insurance, India is a market that is both exciting and innovative. There have been encouraging advancements in this field, which is essential to helping the underserved maintain sustainable livelihoods. Micro insurance penetration is still comparatively low in India, even with the insurance industry being liberalized, and new opportunities created by government schemes. The current environment seems to be mostly driven by supply. Features including product design, efficient underwriting procedures, efficient distribution, increased awareness, easy premium payments, smooth claims processing, and modern technology integration are recognized as critical to expanding market penetration and impact.

Key Types of Micro Insurance for Small Businesses

Property Insurance: Commercial property insurance is necessary if your company’s operations involve real estate and other tangible assets. It guards against occurrences like fire, weather, civil disobedience, and vandalism that could destroy or harm your company’s buildings, tools, and computers. If the property damage results in a loss of business earnings, you might want to buy extra coverage. For example, say you have to shut down a manufacturing facility for several days due to damage from a storm. This form of comprehensive coverage will cover both property damage and lost revenue as a result of the shutdown.

Business Interruption Insurance: If a small business must temporarily close due to an insured loss—such as a lightning strike or fire—a business interruption insurance policy will replace your lost revenue. Theft, wind, and falling objects are additional risks that are covered by business interruption insurance. In the unlikely scenario that any of these issues affect your small business, business interruption insurance covers financial losses resulting from lost sales, damaged inventory, and extra costs like temporarily relocating the operation.

Cyber Liability Insurance: Consider obtaining a Cyber Liability policy if your company maintains a website or if you keep private client data on your desktops or laptops. Your company is shielded against cyberattacks by cyber liability insurance. The price of fixing the damage and the legal fees related to a data breach can have a massive influence on your business, not to mention the harm it can do to your brand, whether your website is hijacked or defaced.

All Things Considered!

Micro insurance, provided by fintechs like Arth is a vital lifeline in the landscape of small business management, offering low-income business owners reasonably priced insurance policies to deal with financial losses. The aforementioned ways help small business owners navigate business uncertainty by buying a micro insurance policy, highlighting the vital role it plays in mitigating risks and providing stability in the fast-paced business world of today.

Can startups also apply for MSME loans in India?

Entrepreneurs now consider business finance loans for Micro Small and Mediums Enterprises as the best financial option to obtain immediate funding for their companies and utilize these funds towards growing their business in a sustainable manner. Small and medium-sized business owners, individuals, and startups can all benefit from the MSME loan options available in the market at user-friendly terms. MSME loans are hence attractive, convenient and easy for business owners across the spectrum.  

MSME loans particularly Unsecured Business Loans are the preferred choice for entrepreneurs to finance their business. The funds raised can be used to expand the company’s operations, address cash flow issues, or buy new production equipment, among other things. 

According to the Government of India, the nation now has the third-largest startup ecosystem globally and anticipates YoY growth at a steady 12–15% annual rate. India has achieved a significant milestone by surpassing 100,000 registered startups in 2023.

Startups within a certain size and revenue limit can access MSME Loans to fund their business growth. There are a host of options available in the market for Startups to choose from. Here we look at some of the top reasons why Startups should apply for MSME loans. 

Interest Rates

Since Startups and MSMEs are essential to the expansion of the economy, lenders offer business loans to them at the most attractive and reasonable interest rates. MSME business finance loans have lower interest rates than other types of loans, which lessens the possibility of the borrower facing financial hardships to repay the loan. 

Accessibility

Securing funding for a new venture, the development, or the maintenance of an existing company can be among the most difficult tasks involved in managing a company. It is simple and hassle-free to apply for an MSME loan. The loan amount is disbursed quickly & promptly, and there is minimal documentation required. When you need money quickly and urgently, this can be helpful.

Collateral-free loans

Collateral is not required for most MSME loans, so you can apply for them without having to provide any security like mortgaging your home or office. This take away the stress and reduces the long and tedious paperwork, so that businesses can get a loan quickly, simply based on a few criteria related to their business. Thus, MSME loans are a perfect way to raise money.

Business Control

Funding your business often comes at a heavy price for Startup owners. If you strive to raise moneym through venture capitalists or investors, you might have to give up an interest or stake in the company, and lose control on how the company should be controlled and run. In such a scenario, a strong cash flow from an MSME loan can guarantee that you get the required money at the right moment and also maintain control over your company.

Small & Short-Term Loans

A lot of traditional business loans are of a large amount and long tenure. MSME Loans on the other hand can be small in size and quick to repay. Borrowers can take small loans based on their immediate short-term fund requirement and also repay the loan quickly and in flexible terms. Thus, MSME loans can provide a company with the short-term money it needs without requiring the borrower to make any long-term financial commitments. Since there are no long-term debt obligations, it also guarantees efficient cash flow management.

How Arth is transforming MSME Funding

Arth as an inclusive Fintech in MSME finance offers multiple finance options customized to different business needs. Arth understands that Startups and MSMEs play a major role in the expansion and development of the Indian economy. However, their growth potential is constrained by a number of issues. As a responsible and evolved Fintech, Arth offers a range of financial solutions to Startups and MSMEs that includes MSME Business Loans, Insurance, Affordable Housing Loans, Payment solutions, and Welfare assistance that go a long way in helping them establish themselves. Arth is a platform that is crucial in revolutionizing the MSME Fintech sector in India and advancing the development of a fairer and more sustainable economic structure.

Fintech companies are promoting financial inclusivity in India

As technology transforms the globe at an unprecedented rate, financial technology or fintech  firms have been leading this revolution by providing pioneering solutions across various fields of finance. They are leveraging their creativity and technological prowess to bridge the gap between traditional banking services and the unbanked populace, particularly in a country like India. 

Indian Fintech firms are providing previously underserved populations with innovative, affordable and easily-accessible financial services, through the use of low-cost mobile technologies and digital platforms. This is helping their customers not just with higher control over their finances, but also contributing to the country’s overall economic growth and development, and paving the way for a more egalitarian future. 

India’s Fintech Landscape 

The Indian economy is among the fastest growing in the world, and one of the key drivers of this growth is the rise of startups, especially in fintech. The meteoric rise of Fintech in India has been facilitated by the proliferation of smartphones, improved internet connectivity, as well as increased digital literacy among the population. The growth can also be attributed to the Indian government’s agenda towards financial inclusion through programs like UPI and Jan Dhan Yojana.

As a global fintech power, India ranks third in the world in terms of total fintech firms, with a strong base of over 3,000 such firms, according to various reports. Most of the Fintechs in India operate in the payments sector, followed by lending and wealth-tech. Over the last few years, India’s fintech sector has crossed a major turning point, and according to the Boston Consulting Group and FICCI, the Indian Fintech sector is poised to cross a valuation of $150–160 billion by 2025. 

Key factors driving financial inclusivity 

Digital payments and accessibility: Fintech firms have been key drivers in promoting digital payment solutions in India. These platforms provide convenient and secure mobile wallets as well as UPI-based transactions for individuals formerly excluded from formal banking. This digital payment system has enabled a broad spectrum of people, ranging from urban professionals to rural farmers to make and receive payments seamlessly through their mobile phones. 

Innovative lending models: Getting a loan from traditional sources has always been a challenge for those with low credit scores or no past credit history. This is a big gap that fintech firms have been able to fill, by building new models that use new data sources to evaluate creditworthiness for giving loans. This has helped in making credit and other financial services available to a larger population, including those who are denied access to the traditional banking sector. 

Financial education and inclusion initiatives: Inclusive fintech firms are involved in financial education and inclusion programs aside from transactions and loans. They educate their users on the importance of financial decisions, investment opportunities, and credit building on user-friendly platforms. Such activities assist in promoting financial literacy, enabling people to make wise decisions concerning their financial health. 

Fintech companies: Carving the pathway for an inclusive future! 

In a nutshell, fintech companies have surfaced as catalysts for transforming the nature of financial services. They have been successful in making finance accessible and available to the masses, previously not served by Indian banks and lenders.

The growth in the Fintech sector has also triggered an economic surge while enhancing financial inclusion across the nation. Fintech companies have been tearing down barriers and enabling people from all walks of life to engage in the financial ecosystem by using innovative technologies and digital platforms, thus helping drive financial inclusion in India like never before.

Human Rights Day Exclusive: Women Customers Upholding Equality, Freedom and Justice

Women stories creative

On Human Rights Day, we want to take a moment to pay homage to three inspiring stories of our women customers who are held in high regard for upholding the principles of Equality, Freedom and Justice. These are their stories. 

Equality Manifested By A Career Choice 

Since 2019, Pinky has been running her fitness center gym in Dharuheda, Bhiwadi. Initially, she received a loan of INR 30,000 from ARTH for her gym, which enabled her to purchase basic equipment such as dumbbells and weightlifting gear. Her gym started doing well, but during the COVID pandemic, her business came to a complete halt. However, Pinky did not lose hope. After the lockdown, she refocused on her business with renewed determination.

Gradually, she repaid the loan and took another loan of Rs 50,000 from ARTH. With this loan, she purchased additional fitness machines for her gym and expanded her business. Pinky is incredibly strong and hardworking. She did not give up on her courage and today, she stands on her own feet, successfully running her fitness center.

Pinky’s story reflects an unconventional career choice she made as a woman since society does not expect women to be business owners of gymnasiums, a role which is traditionally assigned to men. 

Pinky is the symbol of Equality. 

Freedom Of Choice To Own A Venture 

Ganga Devi belongs to the village of Pragati Puram in Raeberalli, Uttar Pradesh. She has been associated with ARTH since 2017, when she wanted to set up a tiffin service business in her area. To do the same she availed a credit facility of INR 20,000. Currently Ganga Devi has been refinanced for the third time with a small loan amount of INR 40,000.

However, due to the lockdown, her business completely faltered. It is then, when Ganga Devi decided to support her family for their daily needs by partnering with ARTH in the production of masks and hygiene kits.

Being a woman, Ganga Devi was always subjected to gendered roles that were assigned since her childhood. Her story about becoming an entrepreneur and also being a support system for the country during COVID-19 symbolises her freedom of choice to follow her dream. She is a testament of Freedom to millions of women in India. 

Justice To Womanhood 

Manju is a resilient single parent, a woman of great strength and kindness. She has two children, a daughter, and a son, and resides in Naka Hanuman Gadi in Ayodhya. After the unfortunate demise of her husband eight years ago, the responsibility of managing the household and caring for the children fell squarely on her shoulders. Being a widow, she had to face several hurdles since widowhood often leads to a loss of will to live or continue. 

In her quest to secure a better future for her family, Manju realised the need for financial support to start her own business. It was then that she heard about Arth, an Inclusive MSME Fintech that provides loans to businesses. With determination, she took a loan and established a thriving tailoring shop. Using the funds wisely, Manju purchased a stitching and interlock machine with a loan of INR 30,000, significantly boosting her business.

As a result of her hard work, Manju’s income soared to new heights. Her success story doesn’t end there. Manju has availed the benefit of the widow pension scheme through the assistance provided by Arth Foundation. Under this program, she receives a monthly pension that serves as additional income to support her household expenses. 

Manju’s story is a testament of Justice to widowhood in India.