Thousands of first-time women borrowers in India gain access to formal finance through blockchain-based credit scoring
After a successful pilot, the Mann Deshi Foundation and the Algorand Foundation launched a decentralized identity and alternative credit score solution on mainnet
DELHI, India, April 29, 2025 /PRNewswire/ -- The Mann Deshi Foundation and the Algorand Foundation have announced the expansion of their blockchain-based credit scorecard pilot to increase access to formal credit for women entrepreneurs in India. The solution is being rolled out across Mann Deshi's network, reaching thousands of women with no formal credit score and limited access to documentation.
The new system leverages Algorand's secure and scalable blockchain to issue verified digital identities and alternative credit scores that can be used to access small business loans and financial services. The technology replaces physical, paper-based files—often lost or incomplete—with secure, verifiable records accessible via smartphone, even in rural areas. Before this rollout, physical files often accompanied women throughout a 12-plus-month application process, creating significant administrative burdens and limiting the number of applicants the Mann Deshi Foundation could support.
Now, a web3 custodial wallet integrated with India's trusted digital identity infrastructure and storage systems allows tokens representing verified documents to be shared with lending institutions. These tokens also help establish a woman's creditworthiness, creating a portable and privacy-compliant financial identity that can be updated over time.
"Many of these women are first-time borrowers. They've never had a credit score, and many don't know what documents are needed to access a loan," Mann Deshi Foundation COO Vanita Shinde said. "With Algorand, we're building an inclusive credit score system tailored to their needs, empowering them to borrow, build, and take control of their financial future."
The Mann Deshi Foundation has supported more than 390,000 women through microloans and training. With the new digital credit score and identity wallet, the foundation can scale its programs to help women access funding from larger financial institutions, often for the first time.
"We believe blockchain can serve as a powerful onramp to financial access," Algorand Foundation CEO Staci Warden said. "This project is a great example of how decentralized tech can meet real-world needs: building trust, transparency, and opportunity from the ground up."
"This partnership, coupled with the support we've received from India's Ministry of Electronics and Information Technology (MEITy), demonstrates how blockchain can create financial access at scale," Algorand Foundation VP and India Country Head Anil Kakani said. "By empowering individuals to demonstrate creditworthiness and reducing friction with traditional lenders, we're helping women entrepreneurs participate more fully in India's digital economy and pushing the benefits of the significant investments made by the Government of India to the last mile."
About Mann Deshi Foundation
The Mann Deshi Foundation was created to support rural women in India beyond access to finance. It was founded after the launch of the Mann Deshi Mahila Sahakari Bank in 1996, India's first rural bank for women. Today, the Foundation helps women build businesses and financial independence by providing training, market access, and community support across Maharashtra, Gujarat, and Karnataka. Its programs also support water conservation, youth development, and sports at the local level. To learn more, visit manndeshifoundation.org.
About Algorand Foundation
Algorand's mission is to power a world where information has integrity and innovative ideas can scale. The Algorand Foundation supports Algorand's rapidly growing ecosystem by providing a best-in-class developer environment, supporting key infrastructure and setting technical standards, offering comprehensive support to builders and entrepreneurs, and providing the framework for decentralized governance.
Launched in 2019, the Algorand (ALGO) blockchain has grown into a vibrant ecosystem of developers, entrepreneurs, and enterprise partners that benefit from institutional-grade certainty and resilience. Its low fees, instant finality, and minimal carbon footprint appeal to the protocol's millions of retail users, and developers of all kinds appreciate the ability to use common programming languages like Python. Builders on Algorand are creating protocols and companies that solve important problems at a global scale: instant payments in war and disaster zones, self-sovereign identity for the disenfranchised, supply-chain traceability for global commerce, permissionless protocols addressing financial inclusion, and the creation of entirely new markets through tokenization, to name a few. To learn more and start your journey on Algorand, visit algorand.co
SOURCE Algorand Foundation
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