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Govt, DFID extend Sakchyam Access to Finance Programme

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Govt, DFID extend Sakchyam Access to Finance Programme
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August 6: The Government of Nepal and the Department for International Development (DFID) have extended the UKaid’s Sakchyam Access to Finance Programme (Sakchyam) until August 2020. 

According to DFID, it has been working in the project alongside the Ministry of Finance, Nepal Rastra Bank, Insurance Board and the financial institutions on modernizing payment systems, expansion of financial access in remote areas, and heralding exciting innovations in mobile financial services, alternate credit scoring, micro-insurance and value chain financing, among others.

Till date, the programme has reached out to more than 350,000 beneficiaries through its various interventions, out of which 62 percent have been women, DFID said in a statement.

Under this programme, 113 new branches and 14 extension counters of banks and financial institutions (BFIs) have been established in remote locations to enable access to financial services for underserved/unbanked communities.

Together, these branches and extension counters have opened more than 350,000 new accounts, mobilized Rs 5.9 billion in deposits and disbursed Rs 11.5 billion in loans, the statement further said.

The project has also introduced innovative financial products – such as Weather-Based Index Insurance and Sugarcane Invoice Discounting – benefitting over 3,000 farmers and the first women-led technology campaign (Digital Mahila) in the microfinance industry in Nepal.

The programme has also helped establish more than 240 branchless banking (BLB) touchpoints and partnered with seven micro finance institutes to introduce tablet banking in rural communities.

 “We are also pleased to announce the completion in the transition to new leadership of the Sakchyam project. Nirmal Dahal is now the team leader charged with spearheading Sakchyam’s initiatives aimed at scaling-up the exciting above-mentioned innovations, including maximizing the reach to marginalized groups living in the remotest regions of the country.  Similarly, Shasi Wagle has been appointed as the Sakchyam Challenge Fund Manager.  He has taken over from  Garry Whitby who brought in his international expertise to help set up the successful Sakchyam Challenge Fund in Nepal, which till date has invested in 64 projects valued at GBP 220 million,” the statement said.

 

 

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