Accion invests $500,000 in Bihar’s Saija Finance

 Microfinance Monitor, November 13, 2009: Global microfinance major Accion International has picked up 49.5% stake in Bihar-based non banking financial institution Saija Finance for $500,000. The investment was made through Accion’s equity investment arm, the Accion Gateway Fund, a release said. Saija Finance provides financial services to micro entrepreneurs and low and middle income families in Bihar.
“We are delighted to partner with Saija in its drive to deliver a full array of financial services to a vastly undeserved population,” Accion President and CEO Michael Schlein said in a statement here.
Saija plans to reach households in neighbouring states Jharkhand, Chhattisgarh, Madhya Pradesh and Uttar Pradesh over the next five years. It aims to serve 4 lakh customers by 2014 with group and individual loans, micro insurance and remittances, said the release.