December 18, Chame, Manang – Prabhu Bank with the support of UKaid Sakchyam has formally inaugurated its Chame branch; and successfully launched Branchless Banking points (BLB) in Dharapani, Upper Manang, Taal, Dhukurpokhari and Pisang VDCs of Manang on the same day. The branch was inaugurated by the Chief Guest Honourable Governor Dr. Chiranjibi Nepal. The launch of Branch and such alternative delivery channels for these communities is a part of Retail Banking and Branch Less Banking Project, a partnership between Prabhu Bank and Sakchyam to establish 3 Physical Branches and roll out 15 new BLBs. The intervention makes Prabhu Bank the sole private sector commercial bank to establish physical branch and BLBs in the entire district.
Speaking at the inauguration event, Honourable Governor, Dr. Chiranjibi Nepal, Nepal Rastra Bank said, “Sakchyam’s support with cost-sharing and technical support for bank and microfinance institutions has helped materialize Nepal Rastra Bank’s commitment to expand access to financial services in remote areas of Nepal.”
Mr. Rabi Rayamajhi, Private Sector Development Advisor, DFID Nepal said “The core objective of DFID Nepal is to reduce poverty in Nepal; it does this through a wide range of transformative programmes. Access to finance is a key indicator of a community’s progress and we are happy to see the progress that Sakchyam has made in this. DFID will continue to support these initiatives.”
Mr. Baljit Vohra, Team Leader, Sakchyam said, “We have always believed in challenging our partner institutions and ourselves to improve financial access in the most remote areas of Nepal. We are proud of Prabhu Bank for taking on this challenge and also confident that this branch along with the services provided by BLBs will allow locals to improve their livelihoods through access to innovative financial services. Manang is one of the three districts Sakchyam has supported Prabhu Bank to establish 3 branches and 15 Branchless Banking Points in total serving over 15,000 beneficiaries”
Commenting on the bank’s new branch, Mr. Devi Prakash Bhattachan, Chairman, Prabhu Bank said, “We are glad to introduce our banking services in the most rural populations of Nepal like Manang. Prabhu Bank firmly believe in taking financial services to the reach of all Nepalese and with the support of UKaid Sakchyam we’ve been able to put them in action”
“Having a very limited or no financial access in a remote place like Manang, establishment of Prabhu bank will help entrepreneurs and the locals to open more doors to uplift the economy in here” says Mr. Jit Bahadur Magar, local entrepreneur of Chame, Manang.