Small Holders’ Farmers to Benefit from Sakchyam supported Mega Bank Branch in Khalanga, Salyan

Mega Bank Limited, with support from UKaid Sakchyam Access to Finance Programme (Sakchyam), has successfully opened its branch in Khalanga, Salyan. The branch was formally inaugurated by Mr. Suresh Adhikari, Mayor of Sarada Municipality, Salyan, Mr. C.N. Pandey, Board Director of Mega Bank and Mr. Nirmal Dahal, Deputy Team Leader of Sakchyam. Also present during the opening ceremony were representatives from Mega Bank and Sakchyam, local level dignitaries and media.

Mega Bank is the second private commercial bank to open its branch in Khalanga, Salyan. The hilly locality has a small market which caters to the needs of the many government and private offices established there. Moreover, with small and medium level enterprises on the rise, there was a dire need for formal banking channels to open its services to the locals of Khalanga. After the soft launch of the Mega Bank Branch on 30 May 2017, the bank has so far been able to open more than 450 accounts.

“This is just the beginning. We are targeting to reach close to 2000 customers in the next year,” informed Mr. C.N. Pandey, Member of Board of Directors of Mega Bank. “Our Micro Loan product is targeted to small holder farmers in the area whose livelihood depends on agriculture and livestock farming. Additionally, we will eventually offer all kinds of remittance services from this branch. And as part of the Sakchyam – Mega partnership, we have plans to conduct financial literacy programs for school and college students, encouraging them to save more and disseminate knowledge on family budgeting to their families,” he added.

The Sakchyam – Mega Bank partnership started in 2015 with the aim to establish 4 new branches and 30 new branchless banking (BLB) touchpoints; and introduce the concept of “Tab Banking” – providing real time mobile financial services through the use of Tablets in 6 districts – Achham, Darchula, Dadeldhura, Dang, Kailali and Salyan.

Talking about the success of partnership so far, Deputy Team Leader of Sakchyam, Mr. Nirmal Dahal said, “Through this partnership, we have already rolled out micro-banking products and services using innovative delivery channels to remote communities of Achham, Darchula, Dadeldhura, Dang and Kailali. Khalanga is a growing market for SMEs and we partnered with Mega Bank to not only engender competition among the existing financial institutions in this area, but also reach the under-served population with a broader range of financial products and services.”