The advent of technology has maximized the speed of information flow and capital, automated transactions, controlled and data analytics, improved customer experience, reduced transactional costs, and increased efficiency and customer outreach. The growth of digitalization has led to the influx of tremendous amount of knowledge about the customer base. It has also enhanced the transparency quotient within the external and internal audience of many organizations. One such company having the similar attributes is SATYA MicroCapital Ltd.
Intimacy is also being fostered and its team is also in a state to learn about the company’s potential customers based on data gathered via operational workflow. This landscape has enabled SATYA to be innovative using new ways to reach out and engage with its customers along with providing perks like increased pace of work, and the team is also in a state to quickly access the knowledge base. “Therefore, it has led us to believe that technology is having a profound and intense impact on our operations,” says the team of SATYA MicroCapital.
The foundation of SATYA was laid in October 2016, which was followed by the unprecedented arrival of demonetization. “Despite this we powered through and commenced our operations on January 1, 2017,” conveys Vivek Tiwari, MD, CEO & CIO of SATYA MicroCapital. This enabled people to have doubts on SATYA – the recently established microfinance institution, which was a new entry in the Indian MFI space, back then. It was one of the most challenging times endured by the organization when its only aim was to get grounded into the industrial ecosystem.
With undying dynamism and compassion, team SATYA maintained their calm and dedicatedly affixed the name of the organization in BFSI terrain. There was a time when reputed investors did not place their interest in the company as it was new in the marketplace. The initial investments made in the company was done by accumulating savings of 18 employees who joined SATYA in its early phase.
By sheer demonstration of the fact that unsecured lending to honest and trustworthy micro entrepreneurs is still fruitful, SATYA has revitalized the confidence of lenders and investors back in the sector. Having a goal of creating a difference in the livelihoods of destitute via lending of 30k – 40k rupees, SATYA has expanded its terrestrial presence in more than 152 districts of 21 states catering to more than five lakh households in its operational journey of four years.
Dynamic Offerings
SATYA offers microloans from 10k to 200k rupees to the unbanked and underserved section of the society at the bottom of the pyramid in the rural and the marginalized belt of the country, based on a strong credit assessment and a centralized approval system on a self-sustainable and a commercial viability model.
The product offerings encapsulate multifarious microloans ranging from SME Lending, Emergency Loan, Health Insurance with 24 x 7 Doctor-on-Call Facility to Hospicash, and Micro Business Loan Products.
SATYA caters to those who seek credit help in the several focus sectors for their income generation and income growth purpose such as agriculture, animal husbandry, business/trade, production/services, and for water sanitation purposes. SATYA, despite being in a cash-heavy microfinance industry, revived back on growth track after the infamous demonetization was announced by the government in November 2016. Since then, the company has witnessed a lot of emerging and disrupting trends. Digitalization, cashless transactions, adaptation of technology in MFI space, timely advancement of industry product mix and improvised loan underwriting are to name a few.
COVID-19 and liquidity crunch are the latest add-ons in the list of challenges. However, with slew of measures announced by the central government in support of NBFC – MFIs and resilience portrayed by the sector since time immemorial, a pavement of hope is making its way to further opportunities and growth.
Amidst this crisis, the company has ensured that prime importance is given to the health of not only its clients and employees but their family members as well. “We initiated a free of cost Digital OPD to address their medical concerns and provide ease of access to experienced medical professionals,” states Vivek. Since early March, the company has floated the ‘Work-From-Home’ policy and even continues to provide flexible roster plans wherever possible.
“Even as our field officers visit the clients and go about their daily operations, we ensure that all preventive measures are strictly adhered to,” says Vivek. SATYA has equipped its 2,000+ staff across the country with health kits (including gloves, face masks, sanitizers, immunity boosting homeopathy medicines, etc.) For the ones who unfortunately contracted this disease, the company has specially curated a Health Insurance Plan- ‘COVID CARE’ to help with their medical and other related expenses.
SATYA’s team has continually disseminated government authorized information about this pandemic and ensured that a good follow-up has been maintained not only with the employees but with its clients as well through the SATYA Client Connect App. Proper training and skill-building techniques are continued to be imparted either through physical or virtual means. “We have even modified and created loan products according to the needs and demands of our clients keeping in mind the challenges faced during this crisis time,” shares Vivek.
In future, SATYA will successfully expand its presence across PAN India. It will actively operate across the nation, thereby more aggressively providing dynamic services to a wider section of people.
The microfinance industry is on the cusp of a digital transformation right now and SATYA is moving towards the same in a vigorous manner and is well on its way to quickly emerge as a ‘Fintech Company’.
A Man with Great Ethos
Vivek Tiwari was born in a middle-class family in Sultanpur, Uttar Pradesh. At the age of nine years, he got enrolled in Navodaya Vidyalaya which was built under the New Education Policy in 1986, whose ethos and values has helped shape his personality today. He imbibed the learnings and values of self-sufficiency, independence post senior secondary during hostel life. It was this early time in his life, when Vivek inculcated a balance between his emotional and practical approach. The roots of prodigious leadership were also within family genes which he received as a gift from his grandfather.
He holds a postgraduate diploma in Rural Development and Management from the Institute of Engineering and Rural Technology, Allahabad. Vivek has fundamentally contributed to the microfinance sector since formative years. He is attributed for the geographical shift of microfinance from South India to North India and for accelerating the growth and scale of MFIs in Northern parts of India.
Before laying the foundation of SATYA, Vivek ardently worked in the development sector for more than 15 years with expertise in microfinance and lending portfolio of more than 10,000 crores. He worked with Gujarat-based, Vardan Microfinance where he initiated operations based on the Grameen Model and trained and developed workforce at middle level management. He has also worked with CASHPOR Micro Credit. He also actively worked in certain developmental projects supported by UNICEF and NABARD.
Subsequently, he worked with Satin Creditcare Network Ltd (SCNL) as Chief Operating Officer (COO) for more than eight years. Pioneering Banking Correspondent Lending for banks, he has successfully implemented the WSHG (Women Self Help Group) and National Rural Livelihood Mission (NRLM).
Vivek has also been felicitated with the BFSI Leadership Award as well as Bharat Jyoti Award by India International Friendship Society. Recently, he was bestowed with Most Promising Business Leaders of Asia Award by Economic Times at the 5th Edition of Asian Business Leaders Conclave 2020. He is also a certified professional of Concentration in Management Program from Boulder Microfinance Training, Italy.
Vivek was appointed as the Managing Director of SATYA, with the responsibility of spearheading the Company’s strategic efforts and driving its expansion in the field of microfinance. He has more than two decades of experience in the development sector. His proficiency outlines extreme focus on the innovative deployment of technological framework for incubating responsible lending, financial inclusion, social entrepreneurship, and impact investing within national boundaries.
Vivek Tiwari has driven SATYA with complete digitization driven innovative business processes like Digital Repayment Collections and Disbursements becoming a market leader by commencing cashless INR 500 crore collections for the very first time in the industry.
Vivek was felicitated in an event organized by The Economic Times, Asian Business Leaders Conclave 2020 as one of the Most Promising Business Leaders of Asia.
