Beyond measuring the reach of financial services, high-quality impact data helps financial service providers understand whether their products are truly improving clients’ lives, and where they can adapt to better meet evolving needs — especially in times of market stress or uncertainty.
The 60 Decibels Microfinance Index, for which Accion is a founding partner, is one of the most comprehensive efforts to capture clients’ voices at scale. Based on direct feedback from tens of thousands of borrowers worldwide, the Index benchmarks microfinance institutions across dimensions such as access, business and household outcomes, resilience, agency, client protection, and trust. It offers a rigorous, comparable view of how financial services are used and where they create the most value.

In the 2025 Index, Accion Digital Transformation’s portfolio company Annapurna Finance Private Limited (Annapurna) stands out as a top performer. Annapurna is a leading microfinance institution serving women entrepreneurs across rural and semi-urban India, reaching 3.1 million households in 22 states. Ranking third in Asia in the 60 DB Global survey, Annapurna demonstrates how customer-centric product design and delivery mechanisms, responsive client communication, and a focus on long-term customer well-being can translate into meaningful outcomes for borrowers, even amid regulatory shifts and sector-wide challenges.

Annapurna’s surveyed clients reported strong gains in agency and resilience. Forty-four percent of respondents say their confidence has very much improved because of Annapurna, while more than one-third report improvements in their ability to manage finances. Savings growth and improved access to emergency expenses further signal stronger financial resilience among borrowers.

Trust and client experience stand out as particular strengths. Annapurna achieved a Net Promoter Score of 94, far exceeding global and regional benchmarks. Client protection indicators are equally strong: 92 percent of clients report a clear understanding of loan terms, 100 percent report no unexpected fees in the past year, and the vast majority say loan repayment is not a burden. These results reflect sustained investment in transparency, communication, and responsible lending.

Strong performance across dimensions of impact

Annapurna outperformed or closely met global, regional, and India benchmarks across nearly every dimension measured in the Index.

Access to finance remains meaningful.

Twenty-one percent of Annapurna clients surveyed report that it would be very difficult to find an alternative lender, higher than global, regional, and India benchmarks, highlighting the institution’s continued importance for clients who would otherwise struggle to access responsible financing options.

Business outcomes tell a compelling story.

More than half of Annapurna borrowers surveyed (51 percent) say their business operations have very much improved as a result of Annapurna’s loan, nearly double the global average. Borrowers also report stronger business earnings compared to regional and India benchmarks, reinforcing the role of credit in sustaining and growing small enterprises.

Household well-being has improved significantly.

Across quality-of-life indicators, Annapurna outperforms benchmarks by wide margins. Half of the surveyed borrowers report a very much improved quality of life, while gains in household income, meal quality, access to education, and access to healthcare consistently exceed global, regional, and country averages. These results point to credit catalyzing positive outcomes beyond the business, touching core aspects of household security and opportunity.

Climate resilience is a key opportunity.

The 2025 Index also sheds light on climate preparedness, an increasingly critical area for rural and low-income households in India. Twenty-seven percent of Annapurna clients report feeling “much more prepared” for climate shocks because of their financial service provider, roughly double the global and regional averages. Annapurna plans to use insights from the Climate Resilience module to inform upcoming climate finance initiatives.

Emergency borrowers show remarkable strength.

One of the most interesting findings in the 2025 data relates to emergency loans. Fourteen percent of Annapurna borrowers took loans for unplanned needs, a higher share than the 60 Decibels global average. During the global pandemic and in subsequent years, Accion Advisory supported Annapurna to strengthen its “just-in-time” emergency loan product for clients confronting unprecedented disruptions to their businesses. In 2025, we built on earlier Accion Advisory work to enhance product features and scale access, reaching over 120,000 customers before a temporary pause due to regulatory changes.

Across the broader index and Accion’s portfolio, unplanned borrowers typically show higher financial stress and repayment burden.

At Annapurna, however, the pattern looks different.

Contrary to portfolio-wide trends, unplanned borrowers at Annapurna report better outcomes than planned borrowers across several dimensions, including quality of life, savings growth, and financial management ability. This suggests that Annapurna’s emergency loan design may be helping clients stabilize rather than pushing them into distress.

These findings are especially notable given the regulatory and market pressures facing India’s microfinance sector during the survey period.

Turning insights into action

Annapurna actively uses these results, sharing them internally and reviewing findings at the senior leadership level. The data informs business strategy and has already contributed to several operational initiatives, complemented by internal quantitative surveys to assess scale and validate trends.

Looking ahead, Annapurna is developing its own internal impact measurement framework, aligned with its strategic priorities. By bringing the survey process in-house, the institution is signaling strong ownership of impact data and a commitment to using it to guide decision-making.

Despite a challenging operating environment, the 2025 Microfinance Index results highlight Annapurna as a high-performing institution delivering meaningful, responsible, and resilient financial services. For Accion, the findings reinforce the value of pairing capital with deep engagement on product design, client protection, and impact measurement, ensuring that financial services translate into real improvements in people’s lives.