Microfinance has been changing the lives of millions of poor families. Microcredit services have been able to give a sense of dignity to the poor and the impoverished by helping them escape the clutches of loan-sharks while looking for financial empowerment. Such credit also makes entrepreneurs out of poverty-stricken people who have ideas and strive for a better tomorrow.
Village Financial Services Ltd, popularly known as VFS, the oldest NBFC-MFI in eastern India, has been in the microfinance space since 1996-97, but formally since 2006. Spread over 11 states across India, VFS has touched half a million lives so far. It has assets under management of Rs 1,000 crore.
VFS believes in ethical practices and strives to change the lives of people in the so-called bottom of the pyramid through credit and more. It handholds them in their ventures. It has a modern technology platform in place and uses it to cut the cost of operations and speed up loan appraisal and sanctions —but not at the cost of human connectivity.
It has also invested heavily in training its employees and increasing the financial literacy of the people it serves. Over the years, VFS has spread across West Bengal, Bihar, Jharkhand, Chhattisgarh, Madhya Pradesh, Odisha, Tripura, Assam, Sikkim, Meghalaya and Uttarakhand and aspires to expand more in coming days.