Microfinance Executives are the face of a Microfinance Institution (MFI) or Microfinance Company. They are responsible for identifying potential areas to develop business, building awareness through financial literacy, sourcing potential or prospective customers. They have to learn about products which can aid in business development like selling microloans, micro-savings, micro-insurance and micro-pensions and predominantly service the financially excluded market. They also assist in application and loan disbursement process, and collects fees and instalments.
Personal Competencies
You like to work with numbers
You are organised in your work
You are good at keeping records
You are good with computers
Entry Pathway
Minimum Qualification • After completion of class 10 and minimum age required is 18 years old for enrolling in National Skill Qualification Framework (NSQF)* Level 2 course for Microfinance Executive
OR
• After completion of your Bachelor’s degree you may enrol in National Skill Qualification Framework (NSQF)* Level 2 course for Microfinance Executive
*NSQF is a nationally integrated education and competency-based framework that enables persons to acquire desired competency levels in a chosen field. NSQF includes vocational education, vocational training, general education and technical education which prepares an individual for the job market with competent skills. An individual may return at any time to upgrade skills after gaining experience
• National Scholarship Portal - Please visit http://www.scholarships.gov.in. Under this portal there are Central Government schemes offered by different Departments, UGC/AICTE Schemes and State Schemes.*
• Please visit http://www.buddy4study.com for details on available scholarships. This is a gateway to scholarships starting from Class XI
*(Availability of these scholarships can vary from time to time)
Where will you work?
Places of Work: Banks, microfinance institutions or companies, non-banking financial companies
Work Environment: This works includes travel. You will have to work for 8 to 9 hours for 6 days a week. During busy time there will be overtime at work. Generally the work will involve targets.
Opportunities for work exist for differently abled in this field
Expected Growth Path
Officer → Asst. Manager →Manager → Senior Manager
Expected Income
The approx. salary of a Microfinance executive ranges between INR 16,000 - 52,000 per month*
Ashok Chaubey has more than a decade of experience in microfinance. He joined Cashpor, an MFI in UP, in 2004. In 2009 he joined UTKARSH as an auditor and latter promoted as Divisional Manager and given charge to open new branches and expand business in UP & Bihar .In 2015 he started his own organization SAHAJ microfinance as section 25 company. He is founder director of SAHAJ foundation which is doing micro finance in Bihar.*
Microfinance Executive
NCS Code: NA | V008Minimum Qualification
• After completion of class 10 and minimum age required is 18 years old for enrolling in National Skill Qualification Framework (NSQF)* Level 2 course for Microfinance Executive
OR
• After completion of your Bachelor’s degree you may enrol in National Skill Qualification Framework (NSQF)* Level 2 course for Microfinance Executive
*NSQF is a nationally integrated education and competency-based framework that enables persons to acquire desired competency levels in a chosen field. NSQF includes vocational education, vocational training, general education and technical education which prepares an individual for the job market with competent skills. An individual may return at any time to upgrade skills after gaining experience
Government Institutes
Details of accredited training centres can be seen by clicking the links below:
1. National Skills Development Corporation (NSDC): Visit https://www.nsdcindia.org/find-nsdc-training-centre
2. Jan Shikshan Sansthan (JSS): Visit https://nsdcindia.org/find-nsdc-training-centre-jss
3. NIOS training centres: Visit https://voc.nios.ac.in/registration/locate-study-centre
4. List of NSQF centres: https://www.aicte-india.org/sites/default/files/Vocational%20institutions%20272%20recommended%20AY%202020-21.pdf
Online Courses
Udemy - https://www.udemy.com/course/learn-microfinance-and-its-models/
• A majority of government schemes are free
Scholarships
• National Scholarship Portal - Please visit http://www.scholarships.gov.in. Under this portal there are Central Government schemes offered by different Departments, UGC/AICTE Schemes and State Schemes.*
• Please visit http://www.buddy4study.com for details on available scholarships. This is a gateway to scholarships starting from Class XI
*(Availability of these scholarships can vary from time to time)
Places of Work: Banks, microfinance institutions or companies, non-banking financial companies
Work Environment: This works includes travel. You will have to work for 8 to 9 hours for 6 days a week. During busy time there will be overtime at work. Generally the work will involve targets.
Opportunities for work exist for differently abled in this field
Officer → Asst. Manager →Manager → Senior Manager
The approx. salary of a Microfinance executive ranges between INR 16,000 - 52,000 per month*
Source - https://www.payscale.com/research/IN/Employer=Microfinance_Opportunities/Salary?loggedIn
*These figures are indicative and subject to change
Experts from the field
Ashok Chaubey has more than a decade of experience in microfinance. He joined Cashpor, an MFI in UP, in 2004. In 2009 he joined UTKARSH as an auditor and latter promoted as Divisional Manager and given charge to open new branches and expand business in UP & Bihar .In 2015 he started his own organization SAHAJ microfinance as section 25 company. He is founder director of SAHAJ foundation which is doing micro finance in Bihar.*
Source - https://www.samaveshmfi.com/member.html
*The above information is for training purposes only and will not be used for any commercial gains
microfinance, Micro enterprise, SHG