Shri. K. Paul Thomas is a visionary social entrepreneur from India and the founder of ESAF Group of Social Enterprises, including ESAF Small Finance Bank, where he currently serves as the Managing Director & CEO.
In 1992, he established ESAF as a non-profit society, focusing on organising neighbourhood women into Self-Help Groups (SHGs) to promote socio-economic transformation in some of India's most backward regions. He has been instrumental in creating a sustainable hybrid model of business that leverages the benefits of self-help and joint liability group models to foster financial inclusion and livelihood generation.
He is a strong advocate of servant leadership and bottom-up governance, dedicated to the economic empowerment of the poor and marginalised. Under his leadership, ESAF Small Finance Bank has grown into one of India's leading financial institutions, with over 700 banking outlets across 21 states and 2 union territories, serving over 6.5 million customers.
Shri. Thomas has received numerous accolades and recognition for his contributions to society, including the SKOCH Award for Financial Inclusion, Karma Ratna Award for exemplary contributions to Kerala society, Entrepreneur of the Year Award by TIE, Kerala, and the CEO with the HR Orientation Award at World HRD Congress 2022. Recently, he was honoured with the FE Pillar of the BFSI Industry Award at the Financial Express Modern BFSI Summit. Under his guidance, the Bank was awarded the Prestigious Rising Brand of Asia 2021–2022, instituted by BARC Asia, Leadership Capital and the Makers of Excellence Award instituted by the Pension Fund Regulatory and Development Authority. The Bank also received an honourable mention in the Global SME Finance Awards 2021, organised by the International Finance Corporation.
He has also led ESAF to become a member of the World Fair Trade Organisation and the first Indian bank to be a member of the Global Alliance for Banking on Values (GABV), a global independent network of banks that promote sustainable economic, social, and environmental development.
In addition to his leadership of ESAF Small Finance Bank, he is actively involved in various institutions, serving as the current President of the Thrissur Management Association and as the former Chairman of CII, Kerala Chapter, and Sa-Dhan, a pan-India association of community finance in India. He holds a master's degree in Business Administration from Annamalai University.
His dedication to promoting financial inclusion and empowering the poor and marginalised has had a significant impact on society, making him an inspiration to many and a true leader in the field of social entrepreneurship.
PATH-BREAKING STEPS
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Shri. K. Paul Thomas, a visionary leader and a pathfinder in the field of social entrepreneurship, is a name that resonates with hope and empowerment. His work and dedication towards the upliftment of the marginalised sections of society through microfinance are truly inspiring. His path-breaking steps have transformed countless lives, and his contribution to the social sector has been instrumental in shaping the lives of millions of people at the bottom of the pyramid.
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Shri. K. Paul Thomas made a significant contribution to India by introducing the concept of microfinance. In fact, he was a pioneer in this field long before Kudumbashree, the community development initiative of the Government of Kerala. He drew inspiration from the ideas of Prof. Muhammad Yunus, the Nobel laureate who had shown that the poor can be trustworthy borrowers, and developed the Grameen Bank Model. His belief in the financial empowerment of individuals and communities led him to establish ESAF. His vision of bringing about a complete transformation of society led to the creation of the ESAF ecosystem. The various entities of ESAF have served as channels of holistic development for people from all sectors of society.
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The unorganised sector in India has long been neglected, and Shri. K. Paul Thomas recognised the need to bring it into an organised form. He played a crucial role in establishing livelihood support services for his clients, comprising skill training programmes, setting up marketing channels for their products, and facilitating access to government schemes. Under his leadership, ESAF attracted investment from numerous social investors including Opportunity International, Australia, and Oikocredit, Netherlands. Through the guidance of Shri. K. Paul Thomas, ESAF Society has transformed the lives of the individuals it serves through its capacity-building initiatives. It focuses on empowering its members by instilling in them self-esteem and entrepreneurial qualities and helping them enhance their quality of life. Through various initiatives, Shri. Paul Thomas helped to bridge the gap between the unorganised sector and the formal economy, empowering countless individuals and communities.
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Shri. K. Paul Thomas's journey and his contributions to the social sector have been an inspiration to many. His vision, dedication, and hard work have transformed the lives of millions of people, and his path-breaking steps have set an example for others to follow.
MEMORABLE ACHIEVEMENTS
Shri. K. Paul Thomas was a pioneer in the microfinance industry, leading ESAF Microfinance and Investments to become a finalist for the European Microfinance Award in 2013.
Under his leadership, ESAF Small Finance Bank was also recognised as a finalist for the European Microfinance Award in 2018, highlighting ESAF’s continued commitment to financial inclusion.
Shri. K. Paul Thomas played a pivotal role in the history of Kerala's banking sector, as he led the first bank to be licenced in the state after India's independence.
Under the leadership of Shri. K. Paul Thomas, ESAF Small Finance Bank became the first Indian bank to partner with the Global Alliance for Banking on Values, promoting sustainable and socially responsible banking practices.