Microfinance Institutions Network (MFIN), the premier industry association and Self-Regulatory Organization (SRO) for the microfinance industry in India has announced that Devesh Sachdev, CEO of Fusion Microfinance has been elected as its new Vice President. Rakesh Dubey, CEO, SVCL will continue with his current duties as the President of the MFIN board. The decision was taken in the recently concluded annual general meeting of the SRO.
Speaking on his re-election as the President of MFIN Rakesh Dubey said, “I am immensely thankful to all the members for their confidence in me and honoring me as the President of MFIN for the second term. The industry has witnessed many ups and downs in past nine months and current span is a juncture of far-reaching changes and difficulties. However, necessary decisions are to be aimed for the transformation of the Industry once again. This is a crucial time to prepare ourselves for the future through bringing in innovation. I am pretty much confident for the bright future of the microfinance sector and would like to express my deepest gratitude towards all stakeholders including banks for their round the clock support when needed.”
Sharing his sentiments on being appointed as Vice President of MFIN Devesh Sachdev said, “I am grateful to the Board and to my co- members for entrusting me with this important responsibility during these challenging times. Our sector today is at a very critical juncture where not only are we best placed to pivot for growth and bring in more of the country’s underserved population to financial mainstream, we also have the opportunity to leverage the enabling environment to evolve and improve levels of client understanding, collaborate on new areas like digital payments etc to bring in efficiencies, mitigate risks and optimize value for the customer.”
Rakesh Dubey has 20 years of experience in the Microfinance domain and has an expertise in setting up MFIs- domestic as well as internationally. Prior to joining the SVCL team, he had also been involved in the inception of SONATA Finance Pvt. Limited and Cashpor Micro Credit. Devesh Sachdev founded Fusion microfinance in 2009 and has worked with the renowned companies such as Citigroup and BSA before starting his journey as an entrepreneur.