Sahara Nepal Unveils New Sakchyam-Supported Branch in Illam

Sahara Nepal Savings and Credit Cooperative Society Ltd. (SACCOS) has established a new branch office at Nayabazaar, Maijogmai Village Municipality, Illam. The branch was inaugurated by Toplal Bhusal, the Chief Executive Officer of Maijogmai Rural Municipality (formerly Village Development Committee) amidst a ceremony organized at Amar Kalyan Secondary School at Nayabazaar. The Vice-Chairman, Deputy Director and senior officials of Sahara Nepal SACCOS, local representatives of political parties, representatives from government agencies and local entrepreneurs were present during the branch opening.

This is the seventh branch that Sahara Nepal has established under the partnership with UKaid Sakchyam Access to Finance Programme (Sakchyam). The partnership envisages to scale up the access to financial products and services in rural Nepal. With Sakchyam’s support, it has opened seven new branches in the Jhapa, Ilam and Sunsari Districts to develop/refine innovative products like loans for alternative energy, housing construction and climate resiliency, rural Micro, Small and Medium Enterprises (MSMEs) development, and other financing needs across different value chains. Through the project they also offer its members savings and micro insurance products along with a comprehensive financial literacy package.

Speaking at the program, Chief Guest Ms. Racheal Hartgen, Director of Financial Inclusion & Capability at UKaid Sakchyam, applauded the initiatives set forth by Sahara Nepal. “We are impressed by the leadership and team composition of Sahara Nepal SACCOS and Sakchyam will continue to venture with Sahara Nepal in translating its commitments,” Ms Hartgen said. She elaborated that Sakchyam will continue its support to Sahara Nepal in the field of product development, technological intervention and financial literacy.

Mr Tara Prasad Sanjel, Chairman of Sahara Nepal SACCOS made the concluding remark, “Sahara doesn’t only focus on increasing lending but it also works for the benefit of the poor and women by encouraging them to start saving, providing them income generation training and ultimately enhancing and uplifting their entrepreneurial knowledge and skills.”

Around 3000 households are expected to benefit from this branch.