WWB is delighted to announce that Spandana of India has joined the Women's World Banking network. Based in Hyderabad - with 350 branches throughout the states of Andhra Pradesh, Karnataka, Tamil Nadu, Maharastra and Orissa - Spandana is the largest microfinance institution in India in terms of active borrowers, and the second largest in portfolio size. With a portfolio of US$ 90 Million, Spandana is the largest women-led microfinance organization globally, and ranks sixth in the 2007 Mix Market list of the world's Top 100 MFI's by Outreach.
Spandana was founded in 1992 by Managing Director Padmaja Reddy as a society promoting women and children's health, nutrition, food security, irrigation and other non-financial activities, and began its microfinance operations in 1998. As of March 2003, Spandana has focused solely on microfinance, and currently provides its clients a diversified and flexible set of six micro-business loan products as well as health and education loans and insurance. The organization aims to serve 10 million clients by the year 2010, and in the not-so-distant future, to undergo the transformation process to become a regulated bank.
"As India's largest women-led MFI, Spandana is a natural addition to the WWB network," said Mary Ellen Iskenderian, President and CEO of WWB. "We look forward to working with Padmaja and her team to expand Spandana's range of products and outreach to low-income women throughout India."
We are honored to welcome Spandana to the WWB network. Further information about Spandana will be posted on the WWB website in the coming weeks. For a more detailed look at Spandana's mission, operations, and clients, please visit the Spandana website.