Bangalore, December 19, 2022: Moneyboxx Finance Limited, a BSE-listed NBFC that provides small-ticket business loans to micro entrepreneurs in Tier-III cities and below, today expanded its agroforestry initiative to support its agri-entrepreneur and dairy farmer borrowers in planting fruit bearing trees which can substantially elevate their income and fight climate change.
As a part of this initiative, it planted 1,600 fruit-bearing trees in Haryana in Sep’22 in the first phase and now in Dec’22, Moneyboxx in association with its execution partner Green Ananda, is planting 1,800 fruit-bearing trees in Madhya Pradesh covering its borrowers in Agar, Mandsaur, Ujjain and Dewas regions. The company believes that this initiative has high potential to bring significant change in their borrowers’ income and will have a positive ecological impact in terms of improvement in soil and air quality, water augmentation, food security and sustainability.
Until now, Moneyboxx has transformed lives of more than 22,000 households with cumulative disbursements of over INR 350 crores up to Nov’22.
Commenting on this initiative, Mr. Deepak Aggarwal, Co-founder Moneyboxx Finance Ltd said, “Moneyboxx is committed to make beyond-lending initiatives as core to its business operations. India has the highest population of cattle in the world and about 2/3 of the rural population depends on the dairy industry. To help our dairy farmer borrowers, we hire qualified vets in our branches as impact officers who advise the borrowers on improving milk yield, feedstock selection, cattle health, breed improvement, and creating awareness about government schemes on cattle insurance etc. To further support our livestock borrowers who have farmlands, we are driving plantation of fruit-bearing trees as part of the agroforestry initiative which will lead to income elevation and sustainable development. We are committed to bring improvements in the overall environment through multiple such initiatives in the near future.”
Moneyboxx has a network of 50 branches in six states – Rajasthan, Punjab, Haryana, Madhya Pradesh, Uttar Pradesh, and Chhattisgarh. The company plans to strengthen its presence and expand its customer reach by increasing its branch network to 60 and reach AUM of INR 350 crores by FY23.