Centre for Financial Accountability

What Centre for Financial Accountability does

Centre for Financial Accountability (CFA) is a non-profit research and advocacy organization headquartered in New Delhi, India, operational since approximately 2017. Operating as a project of BIC Trust and CACIM, the organization conducts research, publishes reports, and runs campaigns focused on bringing accountability to financial institutions that fund development projects — including International Financial Institutions (World Bank, AIIB, ADB, NDB, IFC), Indian public and private banks, and government budget allocations. Its core output is independent, research-based analysis covering wealth inequality, bank loan write-offs, infrastructure financing, and energy sector finance.

CFA's product portfolio consists entirely of knowledge artifacts rather than commercial software: recurring research publications (Wealth Tracker India, INEQUALITY ALERT dispatches), annual and state-level conferences (Conference on Finance in India, Energy Finance Conference at national and Telangana state level, Conference on Infrastructure Finance), fellowship and internship programs (Smitu Kothari Fellowship for Young Writers, Marjorie Fernandes Internship Program, JUST Fellowship in partnership with Samata), and educational initiatives (Finance Shala). It also produces video content, webinars (including the "Political Economy of the Trump Era" series), and a "Reclaiming the Narrative" social media workshop.

The business model is donation- and grant-funded non-profit operations, with all outputs distributed free of charge through the organization's website, newsletters (Finance Matters, Inequality Alert), and social channels (@cfa_ind on Telegram, WhatsApp, X, Instagram, YouTube). CFA has no commercial revenue, no SaaS or API products, and does not disclose financial statements. It reaches civil society organizations, researchers, journalists, activists, and policymakers primarily through earned media coverage and coalition-based partnerships, including co-authorship with Bank Information Center Europe and coordination through the Working Group on International Financial Institutions.

Name

Centre for Financial Accountability

Legal name

Centre for Financial Accountability

Website

https://cenfa.org

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Centre for Financial Accountability is a New Delhi-based non-profit research and advocacy organization (a project of BIC Trust and CACIM) that produces independent analysis on financial institutions, government budgets, and wealth inequality in India, serving civil society, researchers, journalists, and policymakers.

Ownership category

akta.pro rank

Product category

Policy Research and Advocacy

NAICS

Public Finance Activities (921130), Executive, Legislative, and Other General Government Support (921)

SIC

International Affairs (9721), Federal & Federally-Sponsored Credit Agencies (6111)

akta.pro industry

PRIMARYBPAIAEAH

Financial Risk, Controls & Audit (Public Sector)

Business & Public Services/Public Sector & Government Administration/Public Finance, Treasury & Procurement

SECONDARYBPADACAA

Multilateral Development Banks (MDBs)

Business & Public Services/International Organizations & Development/International Financial Institutions & Development Banks

SECONDARYBPAHAFAL

Fraud Risk Management & Anti-Bribery/Anti-Corruption (ABAC)

Business & Public Services/Professional Services (Legal, Accounting, Consulting)/Risk, Compliance & Governance Advisory

Keywords

• Financial accountability research
• Development finance advocacy
• Fiscal policy analysis
• Wealth inequality research
• Civil society campaigns

Headquarters

HQ city

Delhi

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Donations and Grants: CFA operates as a nonprofit organization (a project of BIC Trust and CACIM) funded primarily through donations. The organization accepts public donations through their website and likely receives grants from foundations and institutional donors supporting their research and campaigns on financial accountability, international finance institutions, and economic justice.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Centre for Financial Accountability (CFA) is a non-profit research and advocacy organization that conducts independent research on financial institutions lending to development projects, monitors international finance institutions (World Bank, AIIB, ADB), and analyzes government budgets and wealth inequality in India. The organization produces research publications (e.g., Wealth Tracker India, Inequality Alert), hosts academic conferences (COFI, Energy Finance Conference, Infrastructure Finance Conference), and runs fellowship and internship programs to build civil society capacity on financial accountability issues.

Product overview

Centre for Financial Accountability operates as a research and campaign organization (a project of BIC Trust and CACIM) focused on bringing accountability to financial institutions that fund development projects. The organization functions as a think-tank and advocacy group rather than a technology product company. Its portfolio consists primarily of research publications (including Wealth Tracker India 2026 and INEQUALITY ALERT periodic dispatches), professional development programs (Marjorie Fernandes Internship Program, Smitu Kothari Fellowship, JUST Fellowship), and knowledge-sharing events (Conference on Finance in India, Energy Finance Conference, Conference on Infrastructure Finance). CFA also publishes educational materials through Finance Shala and produces video content documenting economic justice issues. The organization does not offer commercial software products, SaaS platforms, or APIs.

Differentiator

Problem solved

Functional benefit

Products and services

• Wealth Tracker India 2026 Annual research report analyzing wealth concentration in India, documenting that India's top 1% holds over 40% of national wealth while the bottom 50% holds just 6.4%, and proposing a 2% wealth tax on ultra-rich individuals that could generate over Rs 10 lakh crore for welfare programs. Targeted at policymakers, researchers, journalists, and activists.
• INEQUALITY ALERT Periodic dispatches publication providing updates on wealth inequality trends, with multiple issues documenting global economic disparity. For civil society, researchers, and policy audiences.
• Conference on Finance in India (COFI) Annual conference bringing together researchers, activists, and policymakers to discuss finance, development, and accountability issues in India.
• Energy Finance Conference, India Conference series covering energy finance topics at national and state levels, including the Telangana State Energy Finance Conference 2025.
• Conference on Infrastructure Finance Conference program focused on infrastructure financing issues and accountability in development projects.
• Marjorie Fernandes Internship Program Six-week remote internship program offering mentoring, exposure to national and international financial institutions, with a Rs 5,000 stipend for undergraduate students.
• Smitu Kothari Fellowship For Young Writers Fellowship program for young writers focused on finance, development, and social justice topics.
• Just and Sustainable Transitions (JUST) Fellowship 2026 Fellowship program documenting pathways of transition from communities, landscapes, and lived realities, run in partnership with Samata, focused on climate and development issues.
• Finance Shala Educational initiative focused on financial literacy and awareness for civil society and the general public.

Quantifiable outcome

• Wealth Tracker India 2026 report documented 1,688 ultra-rich families holding wealth equal to 50% of GDP and proposed wealth tax generating Rs 10 lakh crore
• +1 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered core and minor.

• BIC Trust and CACIMcoreStrategic or Co-development PartnerCFA is a project of BIC Trust and CACIM (Campaign for Accuracy and Accountability in Development Finance/Centre for Accountability). These parent organizations support CFA's mission of bringing accountability to financial institutions through research and campaigns.
• SamatacoreStrategic or Co-development PartnerCFA collaborates with Samata on the Just and Sustainable Transitions (JUST) Fellowship 2026, an initiative documenting grounded pathways of transition from communities and lived realities focused on climate and development issues.
• The WirecoreGTM or Marketing PartnerCFA collaborates with The Wire (news outlet) on webinars and video content including the Political Economy of the Trump Era series and budget-related discussions. The Wire serves as media partner for CFA events.
• Working Group on International Financial Institutions (WGonIFIs)coreStrategic or Co-development PartnerCFA is part of the Working Group on IFIs, a coalition of civil society organizations that coordinates responses to international financial institutions and shares resources on infrastructure financing issues.
• Bank Information Center Europe (BICE)coreStrategic or Co-development PartnerCFA co-authored a report with BICE examining AIIB investments in India and the risks of 'hands-off' lending through financial intermediaries. This partnership produces critical analysis of infrastructure financing.
• Sambhaavnaa InstituteminorStrategic or Co-development PartnerCFA partnered with Sambhaavnaa Institute on the Political Economy of the Trump Era webinar series examining challenges and opportunities in the shifting world order.
• Progressive InternationalminorStrategic or Co-development PartnerCFA collaborated with Progressive International on the Political Economy of the Trump Era webinar series examining global financial and political dynamics.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Oxfam India: Oxfam India is a large Indian civil society organization that conducts research and advocacy on inequality, including wealth and income inequality. It is comparable to CFA because both publish flagship inequality reports (Oxfam's annual India supplement, CFA's Wealth Tracker India) and both campaign on wealth taxation, though Oxfam operates across many more social issues.
• International Budget Partnership (IBP): IBP is a globally established nonprofit that works with civil society around the world to advance public budget transparency, accountability, and citizen participation. It is comparable to CFA because the two share an advocacy stance on government financial accountability and produce similar research outputs (budget analyses, fiscal scrutiny reports), with IBP being the much larger, globally scaled peer.
• ActionAid India: ActionAid India is a large Indian NGO working on economic justice, governance, and public finance accountability from a rights-based perspective. It is comparable to CFA in its use of research-backed advocacy aimed at financial institutions and government budgets, though ActionAid operates across a far broader portfolio (women's rights, education, disaster response).

Direct peers

• Bank Information Center (BIC): Bank Information Center is a US-based nonprofit that works on accountability of multilateral development banks and other international financial institutions, monitoring their lending practices and policy impacts. CFA explicitly co-authored a 2018 AIIB-India report with BIC's European arm (BICE), making BIC the closest direct peer in mandate and methodology.
• Focus on the Global South: Focus on the Global South is a think-tank with India and ASEAN operations that conducts political-economy analysis of international finance, development financing, and trade. It is comparable to CFA because both organizations analyze MDB lending, infrastructure finance, and global financial governance from a critical civil society standpoint.
• Bretton Woods Project: Bretton Woods Project is a UK-based nonprofit that monitors the World Bank and IMF and publishes critical analysis of their policies. It is comparable to CFA as a peer MDB/IFI watchdog organization with very similar research-and-advocacy methodology and target institutions (World Bank, ADB).
• Center for Budget and Governance Accountability (CBGA): CBGA is an Indian policy think-tank that analyzes public budgets, government expenditures, and fiscal policies for equity and accountability from a civil society standpoint. It is comparable to CFA because both organizations produce research-driven analysis of Indian government finance with the goal of advancing budget transparency, although CBGA focuses on domestic public budgets while CFA explicitly spans domestic and international finance.
• Tax Justice Network: Tax Justice Network is an international advocacy and research organization focused on tax havens, financial secrecy, and wealth concentration. It is comparable to CFA because both target international financial institutions, corporate taxation, and wealth inequality, with CFA's Wealth Tracker work overlapping TJN's Financial Secrecy Index and wealth-tax campaign agenda.

Emerging players

• Financial Transparency Coalition (FTC): Financial Transparency Coalition is an international civil society coalition working on illicit financial flows, beneficial ownership transparency, and MDB accountability. It is comparable to CFA as a peer advocacy/coalition body working on global financial accountability, although FTC operates more through coalition coordination than primary in-country research.
• Samata (CFA's partner): Samata is an Indian nonprofit that partners with CFA on the JUST Fellowship and works on equity, sustainability, and accountability in finance and development. It is comparable as a focused Indian organization operating in the same accountability/just-transitions space with overlapping research outputs and networks.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/cfa_ind
• YouTubeyoutube.com/@CentreforFinancialAccountability
• Facebookfacebook.com/centerforfinancialaccountability
• Instagraminstagram.com/cfa_ind
• LinkedInlinkedin.com/company/centre-for-financial-accountability

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about Centre for Financial Accountability