SKS MICROFINANCE UNVEILS NEW BRAND IDENTITY
New look reflects its transformation into a corporate entity better
- November 10, 2008
SKS Microfinance Pvt. Ltd., India’s largest and the world’s fastest growing microfinance institution, has unveiled a new brand identity that reflects the multi-dimensional nature of the company today. Started 10 years ago as an NGO offering a single loan product and operating in Andhra Pradesh, SKS Microfinance has since transformed itself into a for-profit MFI offering multiple products across 18 Indian states.
The transformation began in 2005 when the company got registered with the RBI as a non-deposit taking NBFC with an intent to scale up rapidly and reach out to millions of unbanked sections of society with innovative financial products. SKS Microfinance today offers 3.3 million women across the country a mix of loan and insurance products which are designed specially with their needs in mind.
Unveiling the new brand identity, SKS Microfinance Founder & CEO Dr Vikram Akula said, “With our operations spread across India and our members coming from diverse regions, there was a need to broaden our identity.”
The new SKS Microfinance brand identity takes its inspiration from the original SKS logo of five women reflecting the basic format of our operations which are based on the joint liability model. The colour palette used in the new logo reflects the vibrant spirit of the company which has in recent years set new benchmarks for growth and scalability. The cheerful indigo blue reflects the positive impact that an SKS financial product has for its members. It also aptly represents speed which is the one quality strongly associated with the company. The somber grey signifies the seriousness of our intent and our commitment to fulfill the needs of our customers and our stake holders in order to create an organization that excels even as it serves.
SKS Microfinance aims to reach out to 8 million women across India by 2010. The company has tied up with industry leaders like ICICI Lombard and Bajaj Allianz to provide innovative products which are poised to change the landscape of insurance in India. It has joined hands with Nokia and Airtel to provide cost-effective mobile handsets to its customers. The company aims to provide innovative products in housing, education, energy sectors in the coming years.
About SKS Microfinance
SKS Microfinance is a non-bank finance company (NBFC) whose mission is to eradicate poverty by providing financial services to the poor. Established in 1998, SKS Microfinance is India’s largest and one of the world’s fastest growing microfinance organizations with an annual growth rate of 200 per cent. It currently serves 3.3 million clients across 50,000 villages and slums in 18 states and has disbursed US $ 979 million (Rs. 4,729 crore) in loans with a 99 % repayment rate. SKS also provides life and health insurance to its clients.
SKS operates in the states of Andhra Pradesh, Karnataka, Maharashtra, Orissa, Madhya Pradesh, Bihar, Uttar Pradesh, Rajasthan, Uttaranchal, West Bengal, Jharkhand, Chhattisgarh, Gujarat, Kerala, Punjab, Haryana and Delhi.
SKS has received numerous awards including the Young Global Leaders by World Economic Forum, CGAP Pro-Poor Innovation Award, the ABN-AMRO/Planet Finance Process Excellence Award, Citibank Information Integrity Award, the Digital Partners SEL Award and the Grameen Foundation USA Excellence Award. It was founded by Vikram Akula, who was named by TIME magazine as one of the 100 Most Influential People in the World (2006).