Nerude Laghubitta Bikas Bank Launches “Buzz Nerude” with Sakchyam’s Support

25th April, Biratnagar – UKaid Sakchyam Access to Finance Programme (Sakchyam) and Nerude Laghubitta Bikas Bank (Nerude) officially launched its partnership during a Partnership Signing Ceremony held in Biratnagar today. Senior management from both Sakchyam and Nerude were present at the ceremony which also saw the unveiling of the “Buzz Nerude” – a mobile platform set in a vehicle to disseminate messages on financial literacy (FL). The Buzz vehicle, which was unveiled by Mr. Jeevan Ghimire, the Social Development Minister of Province 1, will be used to provide financial literacy programs in places where regular financial literacy classes are not taking place or is difficult to cater to on a regular basis.

As a part of the Enterprise Development and Digitalization of Microfinance Services project, Nerude has partnered with Sakchyam to launch “Enterprise Development Service (EDS) Sakchyam Loan” to its clients. EDS is a unique feature which Nerude plans to initiate where support is provided to the under-privileged population to lift them out of poverty. Through this partnership, Nerude is planning to start sustainable EDS service in seven districts of Nepal – Jhapa, Illam, Sunsari, Sarlahi, Rupandehi, Kapilvastu and Arghakhanchi. They will adapt/replicate a successful EDS program that Berendina Microfinance, a MFI based in Sri Lanka, has been successfully implementing in Sri Lanka. This service is expected to help Nerude clients excel in micro-enterprises and agriculture.

Similarly, Nerude also plans to equip their loan officers with tablets to automate their manual transaction. This will help increase efficiency while reducing the possible human errors while conducting centre meetings. These tablets will also help Nerude in delivering financial literacy.

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What is Buzz Nerude?
Taking an innovative approach to delivering financial education, with Sakchyam’s support, Nerude introduces Buzz Nerude – a mobile platform set in a vehicle to disseminate messages in different places. The Buzz is a novel concept in Nepal which aims to provide financial literacy (FL) programs through movable dedicated vehicle in places where regular financial literacy classes are not taking place or is difficult to cater to on a regular basis. The Buzz is a mobile financial literacy school, which moves from place-to-place and imparts financial and entrepreneurial education to the MFI members and prospective clients. The Buzz will be equipped with training materials (board, marker, duster, chair, desk, tent, projector, laptop etc.) and the vehicle will serve as a classroom anywhere, anytime. In some cases, it can also be used to conduct mass FL campaigns such as Street Drama, Video Screenings and disseminate various kinds of FL publications.
Through this innovative concept, Nerude will be able to reach out to a wider group of audience. This type of initiative is new in Nepal but has been in practice in India and Africa. Nerude plans to educate their clients (especially through videos) and perform Street Drama using the Buzz so that they can educate their clients regularly even in remote locations. This initiative will help them expand their outreach, increase goodwill of the institution and help reach its financial literacy goals. Nerude expects to increase the number of its loan portfolio and get a better creditability through this service.