July 22: The Indian microfinance sector, which defied the slowdown, is expected to see a huge demand for skilled manpower in the next few years. “Though the sector offers huge job opportunities, the manpower needs to be trained to understand the rural environment,” says Mr S.L. Narayana, the director of Basix Academy for Livelihoods and Microfinance Practice (BA-LAMP).
According to a 2005 McKinsey report, the booming microfinance sector (MFI) sector would require 1.5 lakh loan officers by 2015. By 2014, the Indian micro finance industry would cross 11 crore borrowers and Rs 135,000 crore in loan portfolio.
With such a huge growth potential, all microfinance companies have increased their headcount targets. The country’s largest microfinance company SKS Microfinance plans to add 21,000 by the end of the current fiscal. Though the students of his institute have been absorbed by Basix, Mr Narayana said they have an option of joining other microfinance companies.