Triodos Head of Private Equity Caspar Sproke氏コメント 10年にわたるCredoとの歩みの中で、ジョージアの金融サービスが行き届いていないコミュニティに対する同社の揺るぎない取組みを目の当たりにしてきました。Credoが融資のみを行う金融機関から、幅広い金融サービスを提供する商業銀行へ成長を遂げたことは、非常に感慨深いことです。私たちは、株主としての役割から一歩退きますが、今後は、五常が有する専門知識と経験を活かし、Credoの持続的な成長を力強く支えていくと確信しています。
Credo CEO Zaza Pirtskhelava氏コメント 五常からの追加出資は、デジタル化とイノベーションを通じて中小零細事業者に持続可能な金融サービスを提供するというCredoのミッションの達成をさらに加速させることでしょう。当社の成長を長年支えてくださったTriodos Investment Managementに心から感謝するとともに、会社のフェーズを引き上げ実績を積み上げていくことを楽しみにしています。
Gojo & Company, Inc. (“Gojo”) is pleased to announce that it entered into an agreement to acquire an additional 16.6% stake in JSC Credo Bank (“Credo”) from Triodos Microfinance Fund and Triodos Fair Share Fund (managed by Triodos Investment Management BV) (“Triodos”). This follows Gojo’s initial acquisition of 16.8% stake in December, bringing its total ownership in Credo to 33.4%. This strategic investment reinforces Gojo’s commitment to support Credo to continue pursuing its mission of supporting Georgia’s micro, small and medium entrepreneurs and their employees to create a better future by offering affordable financial services.
Speaking on this, Caspar Sprokel, Head of Private Equity at Triodos Investment Management, said “Throughout our decade-long journey with Credo, we have witnessed their unwavering commitment to providing a comprehensive range of financial services to underserved communities in Georgia. It has been an exciting journey, as Credo transformed from a credit-only institution into a fully-fledged bank. We believe this is the right time for us to step back, and we are confident that Gojo will bring valuable expertise to further enhance the sustainable growth and development of Credo.”
“Additional equity investment from Gojo will further support Credo Bank's mission to provide sustainable financial services to micro, small, and medium-sized entrepreneurs, with a focus on digitalisation and innovative product delivery. We also extend our sincere gratitude to Triodos Investment Management for their support, which has been key to our growth, and we look forward to building on this foundation as we enter the next phase," said Zaza Pirtskhelava, Chief Executive Officer of Credo.
Arnaud Ventura, Managing Partner at Gojo, said “We are honoured to build upon Triodos’ legacy and continue Credo’s journey under our stewardship. This strategic acquisition reflects our confidence in Credo’s team and their commitment to financial inclusion in Georgia. We look forward to collaborating closely with the Credo team to further expand its impact.”
The completion of this transaction is subject to the necessary regulatory approvals.
About Triodos Investment Management BV For over 30 years, Triodos Investment Management has been connecting investors who want to put their money towards lasting, positive change with innovative entrepreneurs and sustainable companies that are doing just that. In this way, Triodos Investment Management acts as a catalyst in those sectors that play a key role in the transition to a fairer, more sustainable and more humane world. Triodos Investment Management’s investment activities focus on five interconnected transition themes: food, resource, energy, societal and wellbeing. Its mission as a financial player is to enable and accelerate these essential transitions. Triodos Investment Management operates globally as an impact investor and is a wholly owned subsidiary of Triodos Bank NV. Assets under management per end of 2024: EUR 5.8 billion.
About JSC Credo Bank Credo is the fifth-largest commercial bank in Georgia. With its wide regional outreach through 96 service centers, it offers fully-fledged and innovative banking services to over 490,000 customers as of February 2025. The bank’s mission is to support Georgia’s micro, small and medium sized entrepreneurs, and their employees to create a better future by offering affordable financial services.
About Gojo & Company Gojo is a Tokyo-based holding company of inclusive financial service providers operating in 14* countries in Southeast Asia, South Asia, Central Asia & the Caucasus, and Africa. Gojo was founded in 2014 to extend financial inclusion across the globe. Gojo Group including major investees is serving more than 2.4 million clients across the globe, through over 10 thousand group employees as of March 2024. Gojo is a Certified B Corporation™, committed to the continuous improvement of its social and environmental performance.
*The number of countries was changed from 13 to 14 (edited on April 25, 2025).
五常・アンド・カンパニー株式会社（代表執行役CEO：慎泰俊、本社：東京都渋谷区、以下、「五常」）は、カタールのドーハに拠点を置くEducation Above All Foundation（以下、「EAA財団」（前Silatech））と共同で、2023年よりPasioプログラムを開始し、その成果や顧客の事例を紹介するウェブサイトを公開しました。プログラムの認知度向上が課題となっていましたが、Pasioを通じたインパクトの拡大が期待されます。
Pasio アプリ (左上), Pasio デジタルストアフロント (右上), and Pasio オンラインコミュニティ (下)
Pasioプログラムは、2025年1月までに順調に利用者を拡大しています。
81,000件のデジタルローンを実行
26,000人がPasioデジタルストアフロントを利用
11,000人がオンラインコミュニティを利用
8,000人がPasioアプリを利用
EAA財団 Silatech Programme Executive Director Hassan Al Mulla氏コメント 「EAA財団は、金融包摂とデジタルリテラシーが貧困の連鎖を断ち切る鍵であると考えています。Pasioは、戦略的パートナーシップが意義ある変化を生んだ好事例です。若手起業家に必要なリソースとデジタルツールを提供し、事業の成長と持続的な経済成長の機会を創出することにより、私たちは彼らのレジリエンスを強化し、自立を促しています。今後もプログラムの拡大により、次世代起業家の成長を促していきたいと考えています。」
五常 Chief Operating Officer Gürol Michael Sari コメント 「金融アクセスを提供するだけではなく、急速に変化する環境下で成功するためのスキルを身につけることができるかは、金融包摂の重要な要素です。これまでマイクロファイナンス業界では金融リテラシーの向上が重視されてきましたが、デジタルリテラシーこそが変革を促します。Pasioは、農村部の中小零細事業者が金融アクセスを得るだけでなく、デジタルスキルを習得し、競争力を高めるための仕組みを提供します。EAA財団とともにより多くの起業家に必要なツールを届け、多様な金融サービスの提供、デジタルリテラシーの強化、そして受益者の社会的経済的インパクトの拡大に向けて取り組んでまいります。」
Education Above All Foundationについて Education Above All（EAA）財団は、2012年にモザ・ビント・ナセル殿下によって設立された財団です。教育と雇用機会の創出を通じて人々の生活を変革することを目指し、特に教育が貧困削減、公正で平和な社会の実現、持続可能な開発目標（SDGs）の達成に向けた最も有効な手段であると考えています。革新的な資金調達モデル、多分野にわたるパートナーシップを通じ、社会的に不利な立場にある子どもや若者に希望と機会を提供しています。EAA財団は、Educate A Child（EAC）、Al Fakhoora、Reach Out To Asia（ROTA）、Protect Education in Insecurity and Conflict（PEIC）、Silatech、Innovation Development（ID）、Together Projectといったプログラムを運営しています。
Gojo & Company, Inc. (“Gojo”) and Education Above All (EAA) Foundation are pleased to announce the Pasio programme's success, an initiative that is currently supporting young entrepreneurs in the rural areas of India, Sri Lanka, and Cambodia with income-generating loans. EAA Foundation (rebranded from Silatech) is a global foundation based in Doha, Qatar, aiming to transform lives through education and employment opportunities for international social development. Since its launch in 2023, the Pasio programme has supported young entrepreneurs through a three-tiered approach:
Firstly, the Pasio App provides complete transparency in loan processes, integrates financial management tools, and ensures data security with advanced protection measures. Available in three countries, the app supports local languages to enhance accessibility. Secondly, the Pasio Digital Storefront allows entrepreneurs to create online shops, showcase products and services, and share their pages via social media to expand their reach. Complementing these tools is the Pasio Online Community, a network that connects young business owners, fosters collaboration, and delivers tailored educational insights to support business growth.
Images: Pasio App (top left), Pasio Digital Storefront (top right), and Pasio Community (bottom).
As of January 2025, the Pasio programme has achieved:
In line with this progress, Gojo and EAA Foundation are delighted to announce the launch of the newly revamped Pasio website, designed to provide insights into the programme and the successes achieved by clients.
Commenting on the Pasio programme's success, Hassan Al Mulla, Executive Director of Silatech Program, EAA Foundation, emphasised the importance of financial empowerment for youth:
"At EAA Foundation, we believe that financial inclusion and digital literacy are fundamental to breaking the cycle of poverty. The Pasio programme stands as an example of how strategic partnerships can drive meaningful change, equipping young entrepreneurs with the resources and digital tools needed to build and sustain their businesses. Together with Gojo, we are not only fostering business growth but also creating lasting economic opportunities, strengthening resilience, and empowering youth in underserved communities. We look forward to expanding this impact and unlocking new pathways to prosperity for the next generation."
Gürol Michael Sari, Chief Operating Officer at Gojo, said “Financial empowerment extends beyond access; it requires providing entrepreneurs with skills to thrive in a rapidly evolving digital landscape. While financial literacy has been a focus in the microfinance sector, digital literacy drives change—teaching entrepreneurs to leverage technology to improve their businesses and lives. The Pasio programme creates pathways for sustainable livelihoods by ensuring small business owners in rural areas gain financial access and develop digital skills to compete and grow. With EAA Foundation’s support, we're extending our reach, empowering more entrepreneurs with the tools they need for success. Gojo is proud to be part of this successful effort and looks forward to enhancing our impact in the years ahead.”
As the Pasio programme continues to grow, Gojo and EAA Foundation are committed to exploring new avenues for expansion and enhancement. The next phase of the programme will focus on scaling financial services, further strengthening digital literacy, and broadening access to economic opportunities for underserved communities.
About Education Above All Foundation The Education Above All (EAA) Foundation is a global foundation established in 2012 by Her Highness Sheikha Moza bint Nasser. EAA Foundation aims to transform lives through education and employment opportunities. They believe that education is the single most effective means of reducing poverty, creating peaceful and just societies, unlocking the full potential of every child and youth, and creating the right conditions to achieve Sustainable Development Goals (SDGs). Through their multi-sectoral approach, unique financing models, focus on innovation as a tool for social good, and partnerships, they aim to bring hope and real opportunities to the lives of marginalised children and youths. EAA Foundation is comprised of the following programmes: Educate A Child (EAC), Al Fakhoora, Reach Out To All (ROTA), Protect Education in Insecurity and Conflict (PEIC), Silatech, Innovation Development (ID) and Together project.
About Gojo & Company Gojo is a Tokyo-based holding company of inclusive financial service providers operating in 13 countries in Southeast Asia, South Asia, Central Asia & the Caucasus, and Africa. Gojo was founded in 2014 to extend financial inclusion across the globe. Gojo Group including major investees is serving more than 2.4 million clients across the globe, through over 10 thousand group employees as of March 2024. Gojo is a Certified B Corporation™, committed to the continuous improvement of its social and environmental performance.
Footnotes
The Pasio programme beneficiaries are aged 18-35. ↩︎
五常・アンド・カンパニー株式会社（本社：東京都渋谷区、代表執行役：慎泰俊、以下「五常」）は、2024年11月、タジキスタンの商業銀行であるCJSC Bank Arvand（以下「Arvand」）の発行済株式の9.0%を取得したことをお知らせします。2021年の預金取扱マイクロファイナンス機関Humoへの出資に続き、五常にとってタジキスタンにおける2件目の出資となります。Arvandは2019年に銀行免許を取得し、タジキスタンの銀行及び預金取扱マイクロファイナンスを営む金融機関として4番目の規模を有しています。五常は、中小零細事業者や個人向けの金融包摂の推進及びタジキスタンの経済・社会の成長促進に取り組むArvandとのパートナーシップを強化してまいります。
Arvand CEO Shoira Sodiqova氏コメント Arvandがこれまで築いてきた信頼と、金融アクセスから排除されてきた人々へ金融サービスを提供し続ける不断の努力が、国際的に高い評価を受ける五常のような企業からの出資に結びついたと考えています。Arvandは、五常とともに、サービスの規模と質の向上を両立しながら、より多くの人々に新たな金融機会を提供し、持続可能な金融包摂領域のリーダーとしての地位を確立してまいります。
五常 Principal & Head of VC Sohil Shahコメント タジキスタンの中小零細事業者からの信頼を集めるArvandとパートナーシップを組むことを光栄に思います。五常は、安定した規制環境に裏付けされたタジキスタンのマイクロファイナンス市場の可能性に確信をもっており、Arvandの成長と発展を支援していきたいと考えています。
CJSC Bank Arvandについて Arvandは、タジキスタンの金融包摂領域における主要な金融機関の一つであり、低所得世帯及び中小零細事業者に適切な価格で質の高い金融サービスを提供することでタジキスタンの経済・社会の成長を促進することをミッションに掲げています。2024年12月時点で、約70のサービス拠点と900名の従業員を擁し、31.7万人（うち融資顧客数は5.4万人）を超える顧客に、融資、預金、送金、オンラインバンキング、為替取引、ATM、事業者向け資金管理ツールなどの革新的で包括的な金融サービスを提供しています。また、ESG（環境・社会・ガバナンス）戦略の先駆者としても、持続可能な金融の推進に大きく貢献してきました。融資債権の10%をグリーンファイナンスに充てています。また、社会的包摂にも取り組んでおり、融資顧客の42%が女性、70%以上が農村部に暮らしており、33%が低所得者層に分類されます。Arvandの支店の約30%はタジキスタンの郊外に開設されており、金融サービスが行き届いていない地域へのアクセスを確保しています。
Gojo & Company, Inc. (“Gojo”) is pleased to announce the acquisition of 9.0% stake in CJSC Bank Arvand (“Arvand”), a commercial bank in Tajikistan in November 2024. This is Gojo's second investment in the country following the investment in CJSC MDO “HUMO” in 2021. Arvand is the fourth largest financial institution including banks and micro credit deposit organizations in Tajikistan, having obtained its banking license in 2019. Gojo will progressively work towards strong collaboration and support Arvand in its mission to provide appropriate and high-quality financial services to entrepreneurs and individuals, with the aim of stimulating the economic and social growth of Tajikistan.
Arvand offers unsecured loans which enable low-income households and micro-entrepreneurs to increase their income and improve their living standards, achieving a Gross Loan Portfolio of USD 115 million as of December 2024. In addition to loans, Arvand provides a wide range of financial services, including deposit accounts, remittances, online banking, currency exchange, ATM cards, and cash management solutions. Arvand’s strategic focus on digitalisation has successfully driven significant progress, with more than 65% of client transactions now being conducted through digital channels. Beyond financial services, Arvand supports its clients with non-financial offerings such as training programs and consultations on financial literacy.
Ms. Shoira Sodiqova, Chief Executive Officer at Arvand, said “The investment from a globally recognised and highly reputable international investor like Gojo is a testament to the trust we have earned and the results of our ongoing efforts to deliver high-quality, essential financial services to the unbanked. We aim to expand opportunities for clients by enhancing both the scale and quality of our services, solidifying our position as a leader in sustainable finance. With Gojo, it will be possible.”
“Arvand is one of the most trusted and respected banks serving the micro and SME clients of Tajikistan, and we are very pleased to partner with them. This is Gojo’s second investment in Tajikistan which underscores our confidence in the depth of the market and the robust regulatory regime. We remain optimistic about the country’s future and look forward to supporting the growth and development of Bank Arvand.” said Sohil Shah, Principal and Head of VC at Gojo.
Gojo acquired Arvand shares from Triodos Microfinance Fund and Triodos Fair Share Fund (managed by Triodos Investment Management), Rural Impulse Fund II (managed by Incofin Investment Management), and from Arvand (treasury stock).
About CJSC Bank Arvand Arvand is a leading financial institution in Tajikistan’s microfinance sector, dedicated to empowering low-income families, micro-entrepreneurs, and small businesses to improve their livelihoods and contribute to the country’s economic growth. With a network of approximately 70 service points and a team of 900 skilled professionals nationwide as of December 2024, Arvand delivers innovative and inclusive financial services to over 317,000 clients, including 54,000 borrowers. As a market pioneer in implementing an ESG (Environmental, Social, and Governance) strategy, Arvand has made significant strides in promoting sustainable finance. Notably, 10% of its loan portfolio is dedicated to Green Finance initiatives. The bank also demonstrates a strong commitment to social inclusion, with 42% of its borrowers being women, over 70% residing in rural areas, and 33% classified as low-income individuals. Additionally, approximately 30% of Arvand’s offices are strategically located in remote regions of Tajikistan, ensuring access to financial services for underserved communities.
About Gojo & Company Gojo is a Tokyo-based holding company of inclusive financial service providers operating in 13 countries in Southeast Asia, South Asia, Central Asia & the Caucasus, and Africa. Gojo was founded in 2014 to extend financial inclusion across the globe. Gojo Group including major investees is serving more than 2.4 million clients across the globe, through over 10 thousand group employees as of March 2024. Gojo is a Certified B Corporation™, committed to the continuous improvement of its social and environmental performance.
Gojo & Company, Inc. ("Gojo") is pleased to announce that the global non-profit organisation B Lab Global™ (“B Lab”) issued a "B Corp™" (“B Corp”) certification for Gojo as of January 2025, demonstrating its dedication to creating a positive effect with its business activities. SATYA MicroCapital, Ananya Finance for Inclusive Growth, and Prayas Financial Services in India, alongside seven other group companies of Gojo, were included in the scope of the assessment.
Founded in 2006, B Lab has the goal of fostering a positive impact on people, communities, and the planet by assessing and reporting which businesses generate such benefits. Through its rigorous certification process, B Lab verifies whether companies meet their high standards of social and environmental performance, transparency, and accountability.To obtain the B Corp certification, companies must complete a B Impact Assessment™ journey and earn an audited minimum score of 80 out of 200 maximum points. Furthermore, they are required to undergo periodic re-assessments every three years, with the aim of continuously strengthening the benefits they bring to society and the planet.
At the time of signing the Declaration of Interdependence with B Lab, Gojo had reached a score of 102.8. According to the final B Corp assessment, Gojo performs especially well in its mission-centric governance and its positive impact on Customers, Workers, and Communities, scoring well above the average of the sector in all four of these categories. Please see “Our B Corp™ Certification” for more details.
In addition to seeking external evaluations such as B Corp, Gojo continues its own monitoring and auditing activities to constantly enhance its business practices and minimise any risks of negative impact. An effort is ongoing to fully certify Gojo’s consolidated group companies on client protection measures, with four of them already certified for their Client Protection Standards. With a vision to create a world where everyone can determine their future, Gojo is fully committed to positively impacting the lives of its end clients by offering financial services to grow their businesses and improve their livelihood, based on input from all stakeholders.
“We are truly delighted to welcome Gojo & Company, which provides microfinance services in developing nations, as a member of B Corp. Gojo’s business positively impacts the world by providing concrete solutions to tackle social issues. We look forward to seeing Gojo’s continued success and further contributions as a member of the B Corp community.” said Ms. Yuki Mizobuchi, Co-Lead of B Market Builder Japan.
"We are incredibly proud to officially join the B Corp movement today," said Arnaud Ventura, Managing Partner of Gojo. "This designation demonstrates to our clients, employees, group companies, investors, and communities that we are committed to continuous improvement as we work to balance both social and economic returns and use financial services as a force for good. We couldn't have achieved this milestone without the passion of our colleagues at Gojo and at our group companies who are all part of this process. The journey to keep improving on our social performance and impact is only starting now."
As a Certified B Corporation, Gojo and its group companies redouble their commitment to creating a world of "People Using Business as a Force for Good ®", and will be working with B Lab and the global B Corp Network to continuously improve on impact assessment metrics.This certification will allow Gojo to join an international community of impact-focused companies, a precious opportunity to learn and share best practices and new ideas to further social and environmental goals. This will help Gojo expand on its Guiding Principles and demonstrate its steadfast commitment and dedication to creating a better world for everyone.
About Gojo & Company Gojo is a Tokyo-based holding company of inclusive financial service providers operating in 13 countries in Southeast Asia, South Asia, Central Asia & the Caucasus, and Africa. Gojo was founded in 2014 to extend financial inclusion across the globe. Gojo Group including major investees is serving more than 2.4 million clients across the globe, through over 10 thousand group employees as of March 2024. Gojo is a Certified B Corporation™ since January 2025, committed to the continuous improvement of its social and environmental performance.
B Corp認証企業として、五常グループは、「People Using Business as a Force for Good®」の理念に基づき、B Lab及びグローバルなB Corpネットワークと連携し、インパクト評価指標の継続的な改善を目指します。インパクトを重視する国際的なコミュニティの一員として、社会的・環境的パフォーマンスの向上に向けた、新たなアイデアを学び、ベストプラクティスを共有する貴重な機会を得ることができます。五常は、すべての活動においてGuiding Principles（行動規範）を遵守し、金融サービス事業者の社会的責任を浸透させることを目的としたソーシャル・パフォーマンス・マネジメントとインパクト測定を意思決定の中心に据えてきましたが、今後はこれをより一層強化し、より良い未来の創造にコミットします。
Gojo & Company, Inc. (“Gojo”) is pleased to announce its first venture into Georgia with the acquisition of 16.8% stake in JSC Credo Bank (“Credo”), the country’s fifth-largest commercial bank. Credo transformed from a microfinance organization into a full-fledged bank after obtaining a banking license in 2017. Gojo will support Credo to continue pursuing its mission of supporting Georgia’s micro, small and medium entrepreneurs and their employees to create a better future by offering affordable financial services.
Credo offers a comprehensive suite of banking products and services through both traditional and digital channels. As of December 2023, Credo managed a total asset of approximately 2.5 billion Georgian Lari (USD 918 million). By tailoring its offerings to the seasonality of businesses, Credo effectively supports predominantly rural entrepreneurs who often lack access to financial solutions and are underserved by traditional banks. Credo’s business and retail loans, installment loans and deposit products further empower clients to build financial resilience. The convenience of credit and debit cards as well as daily banking ensures Credo’s clients have easy access to funds and seamless transactions.
Zaza Pirtskhelava, Chief Executive Officer at Credo, said, “It is with great pleasure that I welcome Gojo as a new shareholder. Their involvement will significantly strengthen Credo Bank’s positioning and reinforce our goal of providing sustainable financial services to micro, small and medium-sized entrepreneurs with a special focus on digitalization and innovative product delivery. This landmark transaction underscores our shareholders’ trust in the bank and its potential as a solid foundation for our future growth, while advancing financial inclusion, positive environmental and social impact.”
“We are delighted to partner with Credo to advance our shared mission of accelerating financial inclusion worldwide. Credo has been instrumental in expanding access to financial services in rural Georgia, and we look forward to supporting its continued growth and development.” said Taejun Shin, Founder & CEO at Gojo.
PwC Georgia acted as the legal advisor for this transaction.
Woman in Georgia who runs a poultry farm with funding from microcredit / Taejun Shin
About JSC Credo Bank
Credo is the fifth-largest commercial bank in Georgia. With its wide regional outreach through 94 service centers, it offers fully-fledged and innovative banking services to over 480,000 customers. The bank’s mission is to support Georgia’s micro, small and medium sized entrepreneurs and their employees to create a better future by offering affordable financial services. It is owned by international social impact and development finance institutions such as Access Credo GmbH from Germany, funds managed by Triodos Investment Management BV from the Netherlands, Development Finance Institution Proparco (Groupe Agence Française de Développement) from France and now Gojo & Company, Inc. from Japan.
About Gojo & Company
Gojo is a Tokyo-based holding company of inclusive financial service providers operating in 13 countries in Southeast Asia, South Asia, Central Asia & the Caucasus, and Africa. Gojo was founded in 2014 to extend financial inclusion across the globe. Gojo Group including major investees is serving more than 2.4 million clients across the globe, through over 10 thousand group employees as of March 2024.
Haruna is a professional with expertise in strategy, business development and incubation. She is the Head of Corporate Planning and PMI of Gojo, working on strategy development, post merger integration, corporate governance, social performance management, impact measurement, stakeholder impact management and any other projects that are needed to further enhance Gojo’s work.
Prior to Gojo, she worked for Rakuten, a Japanese internet services company for 10 years. As a member of the CEO’s office, she worked on special projects and other items on the CEO’s agenda, including acquisition of overseas companies, enrollment of Englishnization at Rakuten, strategy development of Rakuten Mobile and more. Amongst other things, she also led Rakuten’s ebook business as business manager in Japan and Taiwan, Asian business development, and innovation activities, including internal and external accelerator programs. Before Rakuten, she was a strategy consultant at Booz and Company. She graduated from Tokyo University majoring in Economics. She has lived 3 years in UK and a year in US in her childhood and is fluent in Japanese and English.
Outside of work, Haruna is a partner and board member of Social Venture Partners Tokyo, an NPO supporting seed stage social entrepreneurs to succeed. She is also a mother of 2 children, and enjoys reading and playing the flute.
Why did you join Gojo? Prior to joining Gojo, I worked with one of India’s largest impact investing groups covering many sectors like healthcare, financial services, agriculture, education etc. After 5 years, I felt the need to build deep expertise in a particular area so as to make a meaningful contribution. With financial inclusion as its core theme, Gojo not only gave me an opportunity to work directly on the field but also think about how I can make real impact.
What does a day in your life look like? Even after a few years at Gojo, my days are still intellectually stimulating! Typically I have a bunch of calls/meetings on various issues – building investment pipelines, negotiating new investments, managing group companies, etc. Initially it did look overwhelming, but I like the fact that it gives me an opportunity to cover multiple facets related to building a strong foundation for the group. There are also a lot of casual chats with colleagues between meetings which make for a fun day!
What do you find challenging and rewarding about your job? The only challenge I see at Gojo is our remote style of working. Throughout my career, I have worked with colleagues co-located in a physical office so this was definitely new to me. But the rewards outweigh the challenges and make it all worthwhile. The opportunity to understand the hardships of our clients, experience their lives, and constantly strive to make them better keeps me going. You feel that you’re making a dent in the universe, in your own small way, and that feeling has been very satisfying for me.
A word for prospective team members Despite the large scale, Gojo still operates like a start-up. If you want to make a difference to the society while working in a flat organization with a high level of ownership, then this is the place for you!
Haruna’s Story
Why did you join Gojo? Since the beginning of my career I had wanted to spend my time on supporting people in developing countries. However, I ended up starting my career as a strategy consultant. After 3 years, I joined Rakuten, a Japan-based internet services company, where I worked mainly at the CEO office as an internal consultant. There were many interesting projects and I really enjoyed my time there, but I couldn’t give up on my original aspiration. After spending 10 years at Rakuten I decided to shift my career to pursue my personal mission. You can read more about my career here.
What does a day in your life look like? A typical day will be like this: 0700-0900 : Time with kids – breakfast, send them off to school, dish washing, laundry etc 0930-1200 : Start working at home. Morning is usually more quiet and I get time to do analysis, write / read reports etc. (if I’m lucky) 1200-1300 : Lunch 1300-1800 : Meetings with Gojo team members, group company counterparts, executive committees and board meetings 1800-2000 : Time with kids – dinner, bath, homework etc 2000-2200 : Not everyday but sometimes late night meetings, some additional work to be done
What do you find challenging and rewarding about your job? The best part is the people you work with. It is amazing to work with really talented people who share the same values and the goal to achieve a social mission. Everyone is very kind and empathetic, while being super professional. I also like the flat and open culture – you are encouraged to dissent without fear, almost all information is disclosed to everyone so transparency is quite high, very little hierachy. The challenges are workload management and distance with the clients. Being a startup there is always so much work that needs to be done, while as a working mother there is only limited time I can spend, so it sometimes becomes difficult. Being in Japan, it is sometimes difficult to provide effective support to clients in a timely manner. Having said that I feel that the challenges are possible to overcome with the great team members.
A word for prospective team members I think it was one of my best decisions I made in my life to come to Gojo. I am sure you will feel the same too.
Why did you join Gojo? I’ve always been passionate about working at the intersection of social impact and business, so impact investing felt like a natural starting point for my career. What drew me specifically to Gojo was its hands-on involvement with its group companies. This allows Gojo to go beyond financial returns and actively extend its impact to reach more people, which really resonated with me.
What does a day in your life look like? Everyday is always different! I usually head to the Tokyo office in the morning to catch up on emails, Slack messages, and conduct analysis work. In the afternoon-evening, when colleagues in India, Europe, and our group companies start their workday, I shift to meetings. One of the perks of being in the office is the chance to have coffee breaks with the Tokyo team between tasks 🙂
What do you find challenging and rewarding about your job? The fast-paced environment is both the most challenging and most rewarding part of the job. Every day brings new developments across different teams and group companies. What truly makes it rewarding though, is hearing firsthand from clients about how Gojo’s services have made a difference in their lives.
A word for prospective team members If you are someone who wants to grow while contributing to something bigger than yourself, I am sure you will enjoy your time at Gojo as much as I do.
投資銀行業務の専門家。以前はBank of Americaにシニアアナリストとして勤務していた。グローバル投資銀行チームに所属し、ヘルスケア分野に重点を置き、数十億ドル規模のM&A取引に関与。それ以前は、インドのFortune Financial Services LtdとNYのCrucible Capital Groupの投資銀行チームに所属していた。
キャリアをスタートさせた当初から、イノベーションとインパクトに関心があり、現在ドイツ1位にランクインする初の完全自動化オンラインクレジットソリューション、easyCreditを開発。五常入社以前は、Vision Fund MyanmarのCOOとして、完全デジタル化されたマイクロファイナンスシステムを開発・導入し、貧困顧客30万人以上にローン、預金、教育へのアクセスを提供。現在は、デジタル化と変革のプロセスについて、いくつかの銀行にアドバイスをしている。
大学在学中にバングラデシュのNGOにおけるリサーチ・インターンを通じて、マイクロファイナンスの可能性と課題を認識。大学卒業後、インドの英文校正スタートアップの立ち上げに関与したのち、モルガン・スタンレー証券 投資銀行本部においてM&Aアドバイザリー業務に従事。Och-Ziff Capital Management(Hong Kong)を経て、2008年にライフネット生命保険に入社し、経営管理、事業開発、組織開発、韓国におけるJV設立などを担当。IPO準備の責任者として同社を東証マザーズ上場に導き、執行役員CFOに就任。
Jacques Attaliとムハマド・ユヌスの支援を受け、プラネットファイナンスを共同設立し、世界中でアドバイザリーサービスを提供。またアフリカ9カ国と中国でBaobab（旧MicroCred）を設立・CEOとして主導。退職前の2019年にBaobabは100万人の顧客に10億ドルを貸し出し、約2億ドルの総収益と4000万ドル以上の経常利益を創出。
世界経済フォーラムのヤング・グローバル・リーダーであり、the French China FoundationとShare Africaの共同設立者でもある。パリのEFREIでコンピュータサイエンスを、La Sorbonneで哲学を学んだ。フランス語、英語、スペイン語を流暢に話し、歴史と哲学を愛する。スキーとハイキングが好きな二児の父。
ミレーナは、スタートアップ向けアドバイザーのTherion Advisersの共同創業者兼Managing Partner、気候変動の課題解決に取り組む革新的なソリューションに投資するグローバル・ベンチャーキャピタルであるAera VCのVenture Partner、ベンチャーキャピタルAntlerのVenture Partnerを務めています。以前はロンドンでUBSグループ投資銀行部門のExecutive Director、シンガポールのウェルスマネジメントのコンサルタントを歴任。慈善活動にも力を注いでおり、複数のNGOの創設者やパートナー。米国証券アナリスト。London School of EconomicsでInternational Accounting and Financeの修士号を取得。
監査委員会及びインパクト委員会の委員を務める。
Milena Nikolova
Outside Director
Milena has over 25 years of finance experience spanning across investment banking, wealth management, venture capital investing and startup advisory. She is a strong believer that directing capital for impact can be a powerful force for good without compromising financial returns.
Milena is Partner at Antares Ventures, an early-stage venture capital firm taking a strategic approach to investing globally in breakthrough innovations that address sustainability challenges in Asia’s Growth Markets. She is co-chair of the Climate Solutions Committee at the Singapore Venture & Private Capital Association. She is also involved in several philanthropic initiatives and is a Member of the Board of Trustees of the Clean Air Fund, a leading non-profit at the intersection of climate and health.
Prior to that she was Partner at Aera VC and focused on investing in transformative technologies to reverse climate change. In her earlier career as Executive Director at UBS Investment Bank in London, Milena advised leading financial institutions on mergers, acquisitions, and IPOs with over $10bn in deal value. In Singapore, she worked in UBS wealth management, advising ultra-high-net-worth individuals on asset allocation, wealth planning, and corporate structuring.
Milena holds a MSc Degree in International Accounting and Finance from the London School of Economics.
数社の起業を経験の後、マッキンゼー・アンド・カンパニーの日本およびドイツを拠点に主に海外企業の経営支援に従事。その後、オックスフォード大学に移籍し、経営学の優等修士号と博士号を取得。立命館大学経営学部を経て、2016年より現職。専門は、経営戦略、国際経営、および、制度と組織の関係。慶應義塾大学政策・メディア研究科委員、上場企業を含む複数のスタートアップの社外役員を兼務。著書に『STARTUP優れた経営者は何を考え、どう行動したか』、『経営戦略原論』、『領域を超える経営学』、分担著に『Japanese Management in Evolution』などがある。
金融機関で働くかたわら、2007年にLiving in Peaceを設立し(2017年に理事長退任)、日本初のマイクロファイナンス投資ファンドを企画した。過去15年以上にわたり社会的養育を受ける子どもの支援に携わっており、2021年に日本児童相談業務評価機関を共同設立した。
単著は9冊。日本縦断1648kmウルトラマラソン完走。空手黒帯、ブラジリアン柔術青帯(2022年時点)。世界経済フォーラムのYoung Global Leader 2018選出。一般財団法人五常代表理事。朝鮮大学校法律学科、早稲田大学大学院ファイナンス研究科卒。趣味はストリート写真を撮ること。時々バンドでドラムを叩く。
取締役会議長、監査委員会及び指名委員会の委員を務める。
勤務地：日本
Akira Kawashiro
Outside Director
Akira Kawashiro is an attorney qualified to practice both Japanese law and Illinois law, currently serving as a Partner at Southgate, a law firm in Tokyo. His practice primarily focuses on domestic and cross-border mergers and acquisitions (M&A), venture capital investments, and securities regulations. He has also been seconded to the Tokyo Stock Exchange, and has a deep knowledge of disclosure regulations.
Akira began his career in 2013 at Mori Hamada & Matsumoto, where he engaged in domestic and cross-border M&A and antitrust matters. At Gojo, Akira monitors management from an independent standpoint through board and committee meetings as an Outside Director.
Works in: Japan
Kshama Fernandes
Outside Director
Kshama has three decades of experience in Capital Markets, Risk Management and Structured Finance, with the last 15 years focussed on the financial inclusion space in India. Respected for her knowledge and commitment towards the cause of unleashing the power of finance for the greater good, Kshama has been a member of various High Powered Committees setup by the Government of India and has worked on consulting assignments for the World Bank, the Chicago Mercantile Exchange, Ministry of Finance, Government of India, and NSEIT. Through her innovative and pioneering work, she has been instrumental in creating and developing the market for debt for the underbanked in India. Kshama is recognised as a leading figure in the Indian financial markets, and in the world of impact investing. She is also the Vice Chairperson of the Northern Arc Group, a leading finance company in India that invests and connects underbanked institutions and businesses to capital markets investors.
She has a bachelors in Mathematics, a Masters in Management and a Ph.D. in Finance. An adventure sports enthusiast, Kshama is a trained mountaineer, sailor, sky diver and an ardent biker.
Almira Zejnilagic
Outside Director
Almira has two decades of experience in risk and crisis strategy management, having worked as an advisor, board member and management, as well as having extensive Investment Committee experience. Most recently she was a senior executive in a global, fast-growing Web 3 financial services business and previously a Partner at FTI Consulting where she spent a decade and helped build and ran Global Risk and Investigation Practic in Europe, Central Asia and Africa.
During her formative years, as a Bosnian refugee, Almira experienced challenges relating to remittances and access to finance, which later shaped her keen interest in finacial inclusion and digital finance as well as broader issues of social justice.
Almira is a Young Global Leader of the World Economic Forum. She speaks English, Serbo-Croatian and Russian (as well as some basic Tajik). She enjoys reading and cooking with her family.
Ignacio Mas-Ribo
Outside Director
Ignacio is a non-executive director at Gojo & Company, Senior Fellow at the Fletcher School’s Council on Emerging Market Enterprises at Tufts University, and an independent consultant.
During 2015-2020, Ignacio was co-founder and executive director at the Digital Frontiers Institute, a not-for-profit that develops professional development training courses around digital money and payments. Previously, he was Deputy Director in the Financial Services for the Poor program at the Bill & Melinda Gates Foundation and Senior Advisor at the Technology Program at CGAP. I have been Director of Global Business Strategy at Vodafone Group, Executive VP of Marketing and Account Management at DoCoMo interTouch, and Senior Manager responsible for telecoms investments in Europe for Intel Capital.
Ignacio has undergraduate degrees in maths and economics from MIT and a PhD in economics from Harvard University. He has been Adjunct Professor at the Booth School of Business at the University of Chicago.
Royanne Doi
Outside Director
Royanne Doi is the former Corporate Chief Ethics Officer of Prudential Financial Inc., and former Advisor for Global Legal, Ethics & Compliance to Yamaha Corporation.
Prior to Yamaha, Royanne held senior legal positions with major global financial institutions. At one point, she managed 200+ staff around the world, with business experience in North and South America, Asia, and Europe. During her tenure as a global ethics officer, Prudential Financial received Ethisphere’s designation as one of the World’s Most Ethical Companies for the first time in 2015, and multiple times thereafter. As a member of Gojo’s board, she will further accelerate the strengthening of internal audit and corporate governance to enable the sustainable growth of Gojo group.
Royanne has an undergraduate degree in Philosophy, from Washington University in St. Louis, graduating Magna Cum Laude, Phi Beta Kappa. She earned her Juris Doctorate from UCLA School of Law. She is married to her law school sweetheart and has lived in Japan since 1994. She has three passions: economic empowerment for women, Asia with an emphasis on Japan, and the intersection between neuroscience and behavioral ethics.
Works in: Japan
Masahiro Kotosaka
Outside Director
Masahiro Kotosaka is an Associate Professor at Keio University and a non-executive director of Gojo & Company since March 2017. He is an expert in Internationalization strategy and early stage business development, and advisor/non-executive director of several start-up/multinational companies.
Before moving to Keio, he was an associate professor of multinational management at Ritsumeikan University, a teaching & research associate at the University of Oxford, and a consultant at McKinsey & Company based in Frankfurt and Tokyo. As a practitioner, he worked for strategy/marketing projects with sixteen client organizations across nine industries and nine countries and spent four years running three profitable IT/Retail businesses before joining McKinsey.
He graduated from the University of Oxford with D.Phil. (Ph.D) in Management Studies and MSc in Management Research with Distinction. His recent publication includes STARTUP (Co-authored, NewsPicks Publishing, 2020), The Element of Strategic Management (Toyo Keizai, 2018), and The Japanese Business in Evolution (Co-authored, Routledge, 2017).
Works in: Japan
Sohil Shah
Principal/Head of VC
Sohil graduated from the University of Michigan, Ann Arbor, with a Masters in Finance and completed his under graduation in Electronics Engineering from the University of Mumbai. Before joining Gojo, Sohil was a part of the Aavishkaar-Intellecap Group where he led Intellecap Impact Investment Network, an early-stage angel network focused on making investments in social impact start-ups. In his five years with the group, he led around 35 investments in India and East Africa of which they exited from 6 companies and another 15 companies raised follow-on round of investment.
An Investment Banking professional with over six years of experience in India and US, Sohil previously worked as a Senior Analyst at Bank of America. He was part of the Global Investment Banking team, with a key focus on the healthcare sector, where he was a part of a few billion-dollar M&A transactions. Prior to that, he worked with the investment banking teams at Fortune Financial Services (India) Ltd and Crucible Capital Group in New York.
Apart from being an avid brewer, Sohil is an angel investor in his personal capacity as well. He lives in Pune with his family.
Works in: India
Gürol Michael Sari
Chief Operating Officer
Gürol Sari joined Gojo in June 2020 as our Chief Operating Officer, and oversees the strategic and operational development of our partner institutions. Gürol has extensive leadership experience in retail banking, SME finance, microfinance & financial digitalization, as well as experience in turnarounds of several institutions. He has worked in the banking sector for over 30 years in many countries, including Germany, Austria, Myanmar, Turkey, Albania, Russia, Australia, and Tanzania.
From the start of his career, his interest was drawn towards innovation and impact: Gürol created the first fully automated online credit solution in Germany, easyCredit, which is ranked No.1 today in Germany. Prior to joining Gojo, Gürol worked as Chief Operating Officer of Vision Fund Myanmar, where he developed and implemented a fully digitized microfinance system that provided over 300,000 clients in extreme poverty with access to credit, savings, and education. He currently advises several international banks on digitization and change processes.
Gürol has a creative spirit and is always active. He is passionate about architecture, gardening, handicraft (particularly remodeling houses), and loves to bike and to play tennis. He dreams of sailing with his wife once his two children are independent.
Works in: Germany
Takao Takahashi
Chief People & Inclusion Officer
At Gojo, Takao leads corporate planning and HR. Before joining Gojo, Takao was an Investment Officer at International Finance Corporation (IFC), the private sector arm of the World Bank Group, based in both Washington DC and Jakarta. In his 7 years with IFC, he led investments in microfinance institutions, banks and fintech startups in emerging markets. Before IFC, Takao worked as the Bhutan Prime Minister’s Fellow, developing microfinance regulations and financial inclusion policy to contribute to Bhutan’s Gross National Happiness (GNH). He also worked for 4 years as a management consultant with McKinsey & Company based in Frankfurt and Tokyo.
Takao graduated from Georgetown University, USA, with a Master of Science in Foreign Service and completed his Bachelor of Laws from Kyoto University, Japan.
Takao loves singing, both opera and karaoke. Tennis is his favorite sport. He has authored a book in Japanese, the English translation of the title being; ‘What is true happiness? Thoughts from Bhutan’
Works in: Japan
Kohei Katada
Managing Partner & CFO
Prior to joining Gojo, Kohei has served as Senior Vice President of Finance at SmartNews, Inc., a developer of a news discovery app. As its 7th employee and part of its management team, he led $80 million of equity financing and undertook a wide range of responsibilities including financial control, accounting, recruiting, people operations, legal, and investor relations.
As one of the founding members and as Chief Financial Officer at LIFENET INSURANCE COMPANY, a leading online life insurer in Japan, Kohei led it’s successful $100 million Initial Public Offering in 2012, and also setup a joint venture in Korea.
Kohei started his career at Morgan Stanley in its Investment Banking Division, where he was involved in multiple cross-border M&A transactions. In 2005, he moved to Hong Kong and joined Och-Ziff Capital Management, a global asset management company.
Kohei has a B.A. in Law from the University of Tokyo. While at school, he did an internship at a local NGO in Bangladesh where he was inspired by the power of microfinance that can unlock the potential of micro-entrepreneurs.
Kohei enjoys playing with his two boys over the weekends. He loves sports and has successfully finished the long-distance triathlon.
Works in: Tokyo, Japan
Sanjay Gandhi
Co-founder, Managing Partner & CIO
Sanjay co-founded Gojo in 2014 as Gojo’s Chief Investment Officer and has led the Investment Division since then. Apart from recommending the investments to be made by Gojo, he also represents Gojo on the Board and Committees of the partner entities and contributes actively towards strengthening the governance at the partner level.
Sanjay qualified as a Chartered Accountant (CPA) before graduating from Delhi University. After his first job as an Audit Manager in India in early 1990s, he led the Corporate Banking (North India) team for a Finance company.
Sanjay joined the microfinance industry in 2003 and has been part of it ever since: conducted about 125 MFI ratings & assessments in 29 countries; approved more than 400 MFI Rating reports. Some of the assignments were for the World Bank, ADB, UNDP, Cordaid and Mercy Corps. After his CEO assignment at a Cambodian MFI in 2013, Sanjay and Taejun got together to set up Gojo, where Sanjay’s extensive experience in the microfinance sector has been invaluable.
Sanjay operates from India, where he stays with his wife and two daughters. He speaks English, Hindi, and Punjabi. Loves reading; movies; and music. “The Beatles” is his all-time favourite music band.
Arnaud Ventura
Managing Partner
Arnaud has founded and led two of the leading European financial inclusion groups active in Micro and SME finance, as well as digital finance.
Between 1998 and 2008, Arnaud cofounded and led PlaNet Finance with the support of Jacques Attali (Chairman) and Muhammed Yunus (Chairman Advisory Board). It was one of the most successful European financial inclusion groups, providing mainly advisory services in the sector. Between 2008 and 2019, Arnaud founded & led Baobab (formerly MicroCred), the leading Micro&SME digital bank in Africa & China. In 2019 alone, Baobab lent $1 billion to 1 million clients, generating around $200 million total revenues and more than $40 million pre-tax profit.
Arnaud is a Young Global Leader of the World Economic Forum. He also cofounded the French China Foundation, the leading network of Young Leaders between France and China, and Share Africa, a platform to promote Africa’s innovation and creativity. Arnaud graduated from EFREI, Paris, in Computer Science, and La Sorbonne in Philosophy. He speaks French, English and Spanish fluently and loves reading history & philosophy. He loves skiing and hiking in the mountains (particularly in the South of France), and has 2 young boys.
Works in: France
Taejun Shin
Founder, Managing Partner & CEO
Taejun cofounded Gojo in 2014 and has led the company’s growth until today as the CEO. Before Gojo, Taejun worked as an investment professional at Morgan Stanley and Unison Capital. To deal with an enormous number of investment projects, Taejun studied programming and automated many financial models, some of which are used even today.
While working in the sector, Taejun founded Living in Peace, an NGO, in 2007 and created the first microfinance investment fund in Japan. Taejun has been involved in Japan’s child foster care for more than a decade and co-established Japan Office for Standards on Children Services in 2021 to conduct third-party inspections on the local authority children services in Japan.
Taejun is the Young Global Leader of the World Economic Forum and is the youngest founding board member of Endeavor Japan. He is an author of 9 books, a finisher of the 1648 km ultra-marathon, and a Karate black-belt holder (he just recently started Brazilian Jiu-jitsu and owns a blue belt as of 2022). Taejun is fluent in Japanese, Korean, and English. He plays drums and loves shooting street photos of the world.
Our key focus is our net positive impact on our clients through financial inclusion, something enshrined in our corporate mission. This continuous effort is reflected in our score in the “Customers” category, by far the highest in our assessment with 50.6 points overall, out of a maximum of 80. We are not satisfied yet: our work to further improve how we serve and support our clients is detailed in the impact reports we publish every year.
Kannan
Respondent Kannan, aged 30, married, a fisherman who lives with his family. He sends his children to private schools. He had lived on small-sized informal loans in 2022 during the economic crisis, when Sri Lanka experienced a significant currency depreciation and sharp price increases.
In early 2023, he repaired his fishing boat and purchased fishing nets through a local microfinance institution. He shares that the fishing nets need to be changed twice or thrice per year and the financial services help in his business continuity. He is also a participant of ROSCA (Rotating Savings and Credit Association) and his income has seen an increase since mid-2023. He faces financial setbacks when his boat engine fails and he depends on his relatives for immediate cash to meet the household needs in times of emergencies.
In the photo, Kannan stands beside his boat and fishing nets.
Jessy
Respondent Jessy, aged 37, is divorced and a mother of two children. She lives in her mother’s house and earns through tailoring where the sewing machine and other tailoring equipment were purchased through a local microfinance institution.
She manages her household needs through occasional alimony from her ex-husband, Samurdhi government benefits and support from close relatives. She keeps monthly shop credit for basic food and grocery expenses and repays the following month. She wants to earn more and focuses on her tailoring skills. Jessy desires to build her own house in the future.
In the photo, Jessy sits next to her newly purchased sewing machine.
We counted the monthly income for each household in the Cambodia Diaries and aggregated the frequencies based on magnitude. The leftmost bar represents the number of months with no recorded income. Levels ranging from less than USD 10 to around USD 70 were the most frequently observed income levels. We can also see that as income increases, its frequency decreases.
This graph shows how the diarists borrow from financial institutions like microfinance institutions and banks for larger loan sizes and in less frequency, and how they borrow from relatives and individual lenders for smaller sized loans.
This is the total number and cumulative amount of all transactions recorded in the Cambodia Diaries. All transactions have been categorised into four quadrants. You can see various sources of income and expenses, as well as the inflows and outflows from financial or asset transactions.
This graph represents the count of expenses for each household in the Cambodia Diaries for over a monthly period, aggregated by magnitude. There were no instances of zero expenses over a month. Levels ranging from less than USD 50 to around USD 90 were the most common expense levels. Compared to the income distribution, the distribution of expenses is more skewed. It suggests that expenses are necessary even when there is no income; in cases of substantial income, some of it is saved instead of spent.
Respondent Prema, aged 33, a housewife and a mother of 3 children, lives with her spouse. Her spouse is a driver and her 13-year-old helps record daily cash flow in the financial diary.
The household purchased a piece of land through a local institution and has done house repairs in phases by pawning gold goods. The loan repayments, utility bills, school and tuition fees are the recurring high expenditures in 2023. In January 2024, they invested in a small business towards fragrant agarwood plants. The household aims towards varied objectives balancing monthly income and expenditures.
In the photo, Prema stands on her purchased land with construction materials.
Chandri
Respondent Chandri, a housewife, aged 33, lives with her spouse, two children and parents. Her spouse is a carpenter and she participates in ‘Equipment Seettu’ where regular deposits are made to a shop and by the end of the stipulated period, she receives household goods. Seettu is a group saving method practiced among Sinhalese men and women, and it operates through friends and social circles in the community. In this case, it is probably in collaboration with the seller of these pots.
She has a children’s bank account where she tries to save, though not regularly. The household had utilized small-sized loans from welfare societies and local lenders for the consumption / purchase of household goods. Chandri shares that managing the medical expenses of the parents is hard to get by, yet the financial diary helps to cut unnecessary expenses and save for emergencies.
In the photo, Chandri carries her new cooking utensils (equipment seettu).
